Colliers Ted Dwyer, Ben Baines and Eddie Foulkes have exclusively been appointed to bring a rare retail investment to market in Melbourne’s prestigious Brighton.
The modern double-storey building of 495sqm comes with an undercroft car parking for six cars and is currently leased to real estate agency Jellis Craig Bayside and Glen Eira Pty Ltd, providing an annual rental of $243,363, and sits on a 345sqm Commercial 1 Zoned (C1Z) island site with potential for multiple uses and redevelopment options (STCA).
The asset is nestled in the heart of Brighton’s Bay Street, one of Melbourne’s best-performing retail strips, benefitting from proximity to an array of retail and hospitality amenities.
Director of Colliers Investment Services, Ted Dwyer, said, “Brighton’s Bay Street is one of Melbourne’s strongly-performing retail strips and has enjoyed a history of low vacancy.
“Spanning approximately 2km, Bay Street is Brighton’s main thoroughfares that link the beach and the surrounding super prime residential real estate to the commercial precinct of North Brighton and the Nepean Highway.”
The property is prominently situated immediately adjacent to North Brighton Railway Station at the rail crossing intersection of Bay Street and the Sandringham rail line, providing exceptional pedestrian and vehicular exposure and access to public transport.
“The current tenant has been in occupation of the property for over 15 years and benefits from the property’s unrivalled pedestrian and vehicular exposure with its 104metres of quadruple fronted visibility to over 11,000* cars daily and over 480,000* annual rail passengers passing by the adjacent North Brighton Railway Station,” said Ben Baines, Director of Colliers Investment Services.
“We are anticipating interest from a range of users, as it presents a rare opportunity for owner occupies, investors or even developers looking for a property in a highly exposed area. The rare quadruple fronted visibility makes it an ideal space for various future commercial ventures.”
Located only 11 kilometres* from the Melbourne CBD, Brighton is a highly sought-after suburb with average house prices of around $3.2 million, making it the third most expensive suburb in Melbourne. The affluent suburb is home to several of Melbourne’s best educational facilities and super prime residences, which benefit from easy access to Brighton’s most popular attraction, Brighton Beach.
307 Bay Street, Brighton, is being offered for sale by on-site public auction on Thursday, 14 December 2023 at 12:30pm (AEDT).