54 Puckle Street, Moonee Ponds
A retail building prominently positioned in one of Melbourne’s most renowned and best-performing shopping strips is going to auction this month.
Fitzroys agents Ervin Niyaz and David Bourke are marketing 54 Puckle Street, Moonee Ponds, which will go under the hammer on Wednesday, 18 June at 11.30am on site.
A price in the high S1 millions is expected for the property.
The two-level building, on 171sqm of land, is leased to one of Melbourne’s most highly regarded bakeries in Ferguson Plarre, which has traded from the site for more than 50 years. The property is offered with a secure 7+7-year lease and a return of S88,691 per annum plus outgoings and GST.
The property is perched among a suite of strong-performing national retailers including a Woolworths supermarket, Coles and Aldi supermarkets at Moonee Ponds Central, and Chemist Warehouse, Priceline, and Kmart, in addition to popular local retailers.
“This property is prominently positioned within one of Melbourne’s strongest performing and valuable retail and lifestyle precincts,” Niyaz said.
“Well-leased, well-located assets in Melbourne’s key shopping strips present an excellent investment opportunity while the residential and share markets experience a period of volatility.
“We’re expect more interest from the market in assets in this fast-evolving suburb as it moves through the next phase of its generational development boom.”
Bourke noted there is some 2,000 apartments in the surrounds, to go with newly completed major residential developments such as Penny Lane, while the S2 billion overhaul of Moonee Valley Racecourse is underway and will ultimately add thousands more residents to the immediate catchment.
“This development surge has boosted the local catchment and supported business in the area. These further increases will serve to underpin trade prospects over the long-term.
“More and more people are wanting to live, work and play in Moonee Ponds.”
Bourke said the property is further supported by a growing commercial market and workforce, which includes the Australian Taxation Office and Honda head office within walking distance from the property.
Niyaz said the property further benefits from Moonee Ponds’ excellent public transport linkages by train, tram and bus, and excellent connectivity to major road arterials, and location only seven kilometres north-west of Melbourne’s CBD.
The property is highly accessible, close to Moonee Ponds train station, Moonee Ponds Junction bus interchange, and Route 59 and 82 trams.
“Moonee Ponds offers all the fundamentals of an accessible location with quality hospitality and lifestyle amenity,” Niyaz said.
The development boom has been attracting a rush of investment, with three key sales across different sectors totalling S6.65 million secured in a matter of weeks by Fitzroys.
Niyaz and Fitzroys’ Chris Kombi negotiated the strong sales results on behalf of respective private owners.
Headlining the trio of deals was the S2.4 million sale on a tight 4.9% yield of a strata café investment at 23A Gladstone Street, which forms part of the Wesleyan Church redevelopment. The property includes a 300sqm building leased to the successful Quarter Two Café on a renewed, secure 5+5+5-year deal.
Also selling was a medical freehold at 84 Maribyrnong Road, with a long lease to a specialist periodontics and implant centre, for S1.78 million on a 4.7% yield, and 42-44 Hall Street, a partially vacant Activity Centre-zoned development site on a high land rate of over S7,000 per sqm.
Related Articles
