380 High Street, Preston
Fitzroys has achieved another strong sale result for a bottle shop property, this time selling the Preston home of Cellarbrations after a campaign that generated more than 130 enquiries.
Fitzroys’ Ervin Niyaz, Ben Liu and Chris Kombi managed the successful auction campaign of 380 High Street, Preston in conjunction with David Butera of Mulcahy Butera.
The huge enquiry during the campaign culminated in 5 bidders competing for the asset, which sold for $2.388 million. The sale price reflected a high building rate of $14,047/sqm and land rate of $7,580/sqm.
The property comprises a 170sqm building with a brand-new fit-out, including retail space, cool room and storage, with a 10.36m frontage to High Street. It is on a valuable inner-city landholding of 315sqm with parking for 4 cars.
Cellarbrations, one of Australia’s largest retail liquor brands with over 700 stores across the country, has a new 10+5+5-year lease.
“Investors were attracted to the property’s secure long-term lease to a major liquor retail group at a time of residential and share market volatility,” Niyaz said.
He said the property’s ideal location, in the heart of one of Melbourne’s busiest shopping strips and opposite the famous Preston Market, was also a drawcard.
“Using Fitzroys’ extensive database and networks, we were able to generate a very competitive environment throughout the campaign and on auction day, leading to strong sale result,” he added.
Occupying a commanding position on the eastern side of High Street near the corner of Murray Road, the property is surrounded by national retailers including Woolworths, Aldi, Chemist Warehouse, CBA, and ANZ, along with popular eateries.
The strong sale immediately follows Fitzroys achieving a top-shelf result for another bottle shop – an Elwood corner investment with a new lease to Coles Group’s Vintage Cellars.
Fitzroys’ Mark Talbot and Lewis Waddell sold 111 Brighton Road, on the corner of Milton Street, for $2.79 million to local private investor, on a tight net yield of 4.5%. That property comprises a 390sqm two-level brick building incorporating an open-plan ground floor retail offering and separate first-floor apartment, on 376sqm of land with nearly 43m of combined frontage to Brighton Road and Milton Street. Vintage Cellars, part of retail giant Coles Group, has been at the site since 2014 and recently renewed its lease for another 5 years, with 3 further terms of 5 years each.
Coles Group is one of Australia’s largest grocery retailers with an extensive national supermarket and liquor store footprint. Vintage Cellars is currently undergoing a rebrand of its stores to trade as Liquorland, including 111 Brighton Road, Elwood.
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