The home of Burke Road, Camberwell’s, oldest retailer, Cavalier, is for sale.
Over two storeys, with rear access to Market Lane, #632 is expected to sell for more than $3 million.
The 234 square metre building has been held by the vendor for 45 years.
The menswear store, which dressed Bert Newton during his days on The Graham Kennedy Show, Don Lane Show, New Faces and Celebrity Square, was established at the premises in 1955.
Fitzroys’ David Bourke and Chris James are the selling agents.
632 Burke Road
Spreading 253 sqm, the Burke Road site has longer term development upside at the rear.
The property neighbours a similar terrace style shop occupied by Mecca Cosmetica, which sold for $6m in May.
It is also near a double fronted building, #628, which Telstra purchased early last year for $4.28m and now occupies.
A little further south, near the junction, Anne Kantor pocketed $12.1m last April from a Commonwealth Bank backed investment on 490 sqm at #735-737 (story continues below).
Cavalier recently signed a five year lease at 632 Burke Rd, paying starting annual rent of $115,000.
“This is a rare opportunity to acquire a quintessential Melbourne shopping strip investment, leased to an iconic tenant within an established and affluent catchment,” Mr Bourke said.
“Well located bricks-and-mortar assets with quality lease covenants offer secure income producing investments, highly sought after in the COVID period and ultra-low interest rate environment,” he added.
“Vendors are recognising the pent-up demand that has built over the past 18 months due to a dearth of high-quality commercial property investment opportunities, and there is a huge volume of capital waiting to be deployed,” according to the executive.
“The strong [recent sale] results are a reflection of confidence in retail property and the resilience of Melbourne’s shopping strips, particularly those well-located within strong catchments.
“It is especially noteworthy that all of these assets have been leased to discretionary retailers showing the premium investors places on well located shopping strip assets with leases to quality tenants”.
Of 632 Burke Rd, the agents said the catchment includes medium and high density residential and commercial developments such as Dahua Group’s Hawthorn Park.
Blueprint Projects, co-owned by ex-AFL footballer Paul Tuddenham, also recently completed a major apartment and office project, CV, on the former Bilia Volvo site, walking distance to Camberwell Junction.
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