Savills News

Two prime retail sites generating significant buyer contest in breezy bayside Cheltenham

Two adjoining retail landholdings in Melbourne’s exclusive bayside suburb of Cheltenham have come to market, representing a rare opportunity to secure one or both prime development sites with numerous development options.

9-21 Station Road, the first site on offer, is a significant 1,371sq m corner landholding with 38 metres of prominent frontage onto bustling Station Road.

The property comprises five individually titled retail shops, providing a total holding income of $69,660, with three of the five shops being sold with vacant possession, offering further rental potential.

9-21 Station Road is enhanced by an approved permit for a stunning 9-level mixed use project with 65 apartments, four retail units, and two large office suites.

23 & 23A Station Road, the second site on offer, features two retail units. Both retail units have valuable frontage onto Station Road and benefit from rear laneway access.

One shop is tenanted by longstanding catering business ‘The Nutmeg Tree’ with the second offered with vacant possession.

23 & 23 A Station Road and 9-21 Station Road can be purchased individually, or together.

Savills agents Julian Heatherich, Benson Zhou, and Mark Stafford have been appointed to sell both landholdings on behalf of Korda Mentha via Expressions of Interest closing Wednesday, 20 November.

“Both sites are located in an Activity Centre Zone 1, and are surrounded by a vast array of lifestyle amenity, including Melbourne’s best beaches and most elite schools, Cheltenham Park, Skipton Reserve, Royal Melbourne Golf Club, and more,” said Mr Heatherich.

“To offer six prime retail shops is a rare opportunity for the Cheltenham activities precinct. We are already seeing significant interest from both investors and developers, particularly those that have been watching the area for some time.”

“This is a fantastic opportunity that will provide the purchaser with the ability to secure substantial landholdings with the choice to develop one of the buildings or to keep the properties as is and collect income.”

Expressions of Interest close 2pm Wednesday, 20 November.

Learn more about Savills Metropolitan & Regional Sales services.

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