An investor has spent $4.25 million for the strata titled south east edge of the Kilsyth Shopping Centre.
The 2183 square metre building, which occupies all of the footprint, is tenanted to Coles on a month to month basis and was also marketed to owner occupiers.
On Commercial 1 zoned land, Savills’ Rick Silberman and Steven Lerche tried developers, too.
The sale price reflects an 8.2 per cent yield.
Kilsyth is 36 kilometres east of Melbourne (story continues below).
The property, 18/518 Mount Dandenong Road, Kilsyth, could be redeveloped and split into multiple tenancies, should Coles quit.
“The flexibility of Commercial 1 zoning allows for potential alternative uses including retail, commercial…or residential” Mr Silberman said.
Savills promoted that the property could be generating a higher rental, even in its present condition.
The space abuts a 215 bay car park – and abuts a side laneway which other supermarkets designed with two street frontages have designed as ‘contactless to the car’ click-and-collect booths.