Unique Retail Opportunity Offered for First Time in 59 Years
28 January 2025
A unique opportunity to acquire a premium retail freehold in East Melbourne, is being offered to market for the first time in 59 years with the rare offering in one of Melbourne’s most exclusive and tightly-held retail strips an exceptional chance for investors to secure a foothold in a highly sought-after location.
The two-level retail freehold, at 82 Wellington Parade in East Melbourne, spans 155sqm on a 150sqm landholding, and has been securely leased to long-standing tenant, ‘Tadka Hut’, a popular Indian restaurant on the property’s ground floor level, for over eight years.
The property, with a ground floor consisting of an open-plan dining area, kitchen, and bathroom amenities, and first floor offering a two-bedroom residence, benefits from significant exposure and a high level of pedestrian traffic due to its prime location.
“82 Wellington Parade, East Melbourne offers the ability to secure a foothold in one of Melbourne’s most tightly held retail strips. The boutique strip has seen no transaction activity in the past decade, underscoring its highly sought-after nature and immense investment appeal,” said Beau Bakhtani, Executive, Commercial Sales at Savills Australia and New Zealand.
The property, situated directly opposite the Melbourne Cricket Ground (MCG) ensures significant foot traffic and visibility and is further enhanced by its proximity to Fitzroy Gardens, which attracts over two million visitors annually.
East Melbourne is renowned for its affluence, with a median house price of $3.75 million, making it one of Melbourne’s most desirable areas for both investors and retailers. The last recorded sale on the strip was 74 Wellington Parade in 2015, which achieved a sharp yield of 3.16%.
“Situated in the heart of East Melbourne, this property benefits from a premium position with significant foot traffic and over 14,000 passing vehicles daily. Its location, directly opposite the MCG and Jolimont Train Station, offers unmatched exposure in one of Melbourne’s most iconic areas,” said Julian Heatherich, Director, Commercial Sales at Savills Australia and New Zealand.
The property at 82 Wellington Parade, East Melbourne is expected to attract strong interest from a wide range of local and offshore investors with expected offers of $2 million upwards and will be sold via public auction on Wednesday 26 February at 10:30am on-site.