Today, Colliers & Stonebridge, are excited to present a prime Melbourne CBD asset, currently leased by Australia’s largest retail pharmacist, Chemist Warehouse, at 326 William Street.
Expected to attract interest around the $4 million price point, this prime CBD corner comes with an outstanding retail investment opportunity, secured by a seven-year lease with three further options of five years each, continuing to 2041. Providing a current net income of $192,196.16* per annum.
Located on the northern corridor of the CBD, in one of the city’s fastest-growing precincts, the 390 sqm site is listed by Colliers agents Anthony Kirwan, George Davies and Jeff Ha, along with Stonebridge’s Max Warren and Chao Zhang.
Colliers Associate Director, Melbourne City Sales, Anthony Kirwan, said 326 is an excellent addition to a savvy investor looking to add a rare park-fronting Melbourne CBD corner retail asset with a secure tenant to their portfolio.
“Given the national tenant profile and the blue-chip corner location opposite a major CBD train station, we’re expecting interest from buyers across Australia and south east Asia for this asset.
“In recent months, we’ve seen a distinct flight to quality in the marketplace. It’s fair to say assets that lack differentiation or unique characteristics are somewhat slowing down, as investors gravitate towards prime assets with strong lease covenants and scarce physical characteristics,” Mr Kirwan said.
326 is situated at one of the gateways to the CBD in the Legal Precinct and on the cusp of Melbourne’s booming northern precinct, one of the most densely populated pockets in the southern hemisphere where opportunity continues to grow.
Stonebridge’s Senior Manager Max Warren said the asset is surrounded by some of Melbourne’s most significant residential towers and infrastructure projects, including the $250million redevelopment of Queen Victoria Market and the Melbourne Metro Tunnel development.
“With exceptional public transport connectivity, located opposite Flagstaff Train Station and several tram lines nearby, the 7-day foot traffic in this precinct is quite extraordinary and underpins the trading success of this high performing business,” said Mr Warren.
Through its prime corner location, 326 Williams Street, boats of exposure to William Street and La Trobe Street with a double street retail frontage of over 45 metres*, and comes with additional rear access for loading.
326 William Street is for sale via an on-site public auction on Friday, 11th November 2022, at 12.30pm (AEST).
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