Local family to sell Elsternwick retail investment after 50 years
A freestanding retail investment with significant mixed-use development potential in Elsternwick is to be offered to the market for the first time in over 50 years.
The property at 1-3 Horne Street occupies a substantial 614sqm landholding with 20m of frontage and has direct access to Elsternwick’s anchor retail strip, Glen Huntly Road.
CBRE’s Rorey James, Julian White, Nic Hage and JJ Heng have been exclusively appointed to market the property.
Mr James said the offering represented an unmissable opportunity to secure an attractive development prospect in one of Melbourne’s most sought-after retail precincts.
“This is an exciting opportunity given the asset has been held by the same family for 50 years. The property is well-connected via public transport and is near substantial retail amenity, including the proposed Woolworths development. These investment fundamentals should be a very attractive prospect for all buyers,” Mr James said.
Mr White, State Director of CBRE Victorian Development Sites, noted: “We expect solid interest from investors who see value in the three retail shops, together with occupiers wanting to capitalise on this substantial landholding. The flexibility of the existing improvements and income allows the site to be land-banked, and we anticipate this will appeal to developers who are taking a long-term position on the market.”
The campaign follows recent nearby sales brokered by CBRE, including 469-479 Glen Huntly Road for $10.19 million, 233-247 Glen Huntly Road for $25 million and 372-376 Glen Huntly Road for $9.2 million.
CBRE’s Melbourne Strip Retail Investments and Victorian Development Sites teams will be handling the sale of 1-3 Horne Street, which will be offered via an on-site auction on Wednesday December 12 at 12.30pm