Box Hill auction provides sought after Melbourne investment opportunity
A landmark corner property in Melbourne’s Box Hill is to be auctioned for the first time this century, providing what is expected to be one of 2019’s most sought after suburban investment opportunities.
CBRE’s Melbourne Strip Retail Investments team of Lewis Tong, Rorey James and Leon Ma will steer the sale campaign for the two-level building situated on the corner of Market and Main Streets.
The property comprises four ground floor shops and level 1 office space, with frontage onto one of Melbourne’s busiest pedestrian intersections driven by foot traffic to the Vicinity owned Box Hill Central shopping centre and the nearby Box Hill Train Station.
With a net annual income of just over $300,000 and favourable leases, allowing access to most of the building from as early as 2021, selling agent Lewis Tong said the property has already attracted strong preliminary interest from investors and owner occupiers.
“The property is situated in one of the most tightly held strip retail locations in Melbourne, where only two properties have transacted in the past decade,” Mr Tong said.
“Box Hill is the largest city centre outside of the Melbourne CBD, with over 4,000 apartments and more than $2 billion in infrastructure proposed or under construction, providing huge future rental upside.”
CBRE’s Mr James noted that the property’s Commercial 1 zoning within the Box Hill activity centre would also provide future value add opportunities
Mr James added; “The 0% vacancy rate along both Market and Main Streets demonstrates huge demand for both retail and office space along both strips.”
The on-site auction will be held on Friday, March 8 at 12.30pm.