Double Auction Success on Hampton Street, Hampton

403 and 530 Hampton Street, Hampton

Two properties on Hampton Street, Hampton Street have sold through Fitzroys at respective successful auctions as investors continue to see opportunities in Melbourne’s shopping strips.

Fitzroys’ Chris Kombi, Tom Fisher and Ben Liu sold the high-profile corner freehold at 530 Hampton Street for S1.715 million, to a buyer sourced from Fitzroys’ Asian Services database.

The sale, which reflected a tight 4.7% yield, followed a competitive sales campaign that ultimately generated bids from four parties at a hardly-fought auction.

The property has a 5+5+5-year lease to major restaurant chain Okami Japanese Restaurant. This is the location of Okami’s first-ever store, which opened in 2013 with the “all you can eat” concept that has proven so popular it has now expanded to over 50 locations across Australia.

On a Commercial 1-zoned landholding of 222sqm with a total frontage of 38.7m to Hampton and Ludstone Streets, the 2-level, 250sqm building includes a full-line kitchen, dining areas on both levels and amenities throughout.

“We continue to see investors turn to quality Melbourne shopping strip assets for security at a time of share market and residential market volatility,” Kombi said.

Liu said, “The sale demonstrates the strength of Fitzroys’ Asian Services Database, which provided a competitive tension in the campaign that led to a strong outcome for our client.”

Kombi and Fisher also sold 403 Hampton Street, which becomes vacant in October, for S1.21 million to a value-add investor. In another competitive Fitzroys auction, three bidders competed for the property, which comprises a 175sqm 2-storey shop and first-floor dwelling on a 170sqm site.

The Hampton Street retail, lifestyle and hospitality precinct is anchored by Woolworths supermarket and home to an abundance of quality national and local traders, further underpinned by a rapidly expanding residential population.

“Numerous apartment buildings have recently been completed along Hampton Street with other residential developments in various stages of planning and construction, which investors have recognised as boosting the immediate catchment and supporting trade prospects across the length of the strip,” Fisher said.

According to Fitzroys’ latest Walk the Strip report¹, Hampton Street recorded one of the lowest vacancy rates across Melbourne, at just 3.1%.

¹ https://www.fitzroys.com.au/walk-the-strip