In addition to being a successful clothing entrepreneur, construction magnate and avid art collector, the last 70 years has seen the late Harry Oviss accumulate an expansive retail property portfolio across Melbourne.
With a particular focus on the city’s north and north-east, his purchases were spread across suburban retail shopping strips from Station Street in Fairfield and Sydney Road Brunswick to Swan Street Richmond and Hampton Street, Hampton. In Fitzroys' upcoming Melbourne Retail Portfolio Auction at Leonda by the Yarra, there will also be the opportunity to purchase shops in Glen Huntly Road, Hawthorn Road Caulfield, Ranelagh Drive, Mt Eliza, High Street, Preston, Alfrieda Street St. Albans and in Sunshine. Across these locations, 16 of Oviss’ properties will be sold with an expected combined selling price of circa $23 million and most ranging from high performing eateries and takeaway food operators to long-standing service retailers. Some are offered with secure 5+5-year leases, and many with ultra-rare 5% annual increases however all are freehold in nature located within established, well-supported shopping strips.
Fitzroys’ Mark Talbot, Tom Fisher and Chris Kombi are marketing the portfolio.
“Well-located commercial property with long-term leases and sizeable annual increases like these are considered to present a more secure investment and safer place to put money in the current climate, even with further interest rate rises expected.” Talbot said.
“We’ve already received interest from a wide range of investors, from entry-level and first-time market participants to self-managed super fund buyers and more seasoned investors, all looking for secure long-term investments amid sharemarket and residential market volatility,”
Melbourne’s shopping strips have demonstrated their resilience over the past two years with the pandemic highlighting their purpose as a place for Melburnians to connect with their local communities rather than just run errands and do the shopping. The ‘local village’ also became the place to grab a coffee, meet friends or break up the day whilst working from home. This shift in purpose has caused these high-performing shopping strips to fare the pandemic period admirably, hooking the interests of savvy investors, value-add players, land bankers and developers.
Fisher said the upcoming portfolio for sale also presents a chance for investors to secure new assets before the end of the financial year with a choice of sizes, uses, price points and geographical locations to suit many whilst enjoying the future benefit of value-add potential.
