Investors and owner-occupiers have pursued a rare affordable High Street, Armadale freehold.
Fitzroys’ Lewis Waddell and Chris Kombi sold 720 High Street for $1.58 million on behalf of a private local family.
The well-presented 150sqm two-level building is on a 134sqm site zoned Commercial 1 and was offered with a five-year lease until January 2025 to Douglas Stewart Fine Books.
“Affordable High Street, Armadale opportunities are incredibly rare. We had a strong mix of investors and future occupiers pursue this one given the lease had three years remaining with no options to extend,” Waddell said.
The sale price reflected a sharp 3.2% yield.
“Investors noted that the tenant has been trading very well and business has boomed throughout the COVID period,” Waddell said.
“We’re also seeing more businesses looking to make the move to owner-occupier rather than pay rent in the current interest rate environment.”
The property is strategically located in a high performing, low vacancy lifestyle and retail precinct home to an array of established traders and eateries including Snap Fitness, IGA, Bob Jane, Royal Doulton, Orrong Hotel and Morning Market.
Kombi said High Street, Armadale services one of Melbourne’s most established and affluent catchments, underpinning strong demand for all types of retail in the area.
“The prized catchment has supported a high quality retail and hospitality offering along High Street, Armadale, and is undergoing a period of further growth with a number of medium and high-density residential projects in the pipeline.”
