Country Road has quit its Riversdale Road store for a more settled spot in the Camberwell Junction.
The retailer won’t be giving up its double storey, multi-front layout, with its new tenancy, the recently vacated National Australia Bank branch on a corner site at 566 Burke Rd containing 558 square metres.
The asset is unique in having two entrances – the second facing a tree lined area also with retail at the bottom of the car park which dubs as the Camberwell Market on Sundays.
The property’s southern boundary abuts an enclosed walkway connecting the car park to Burke Rd.
That wall also allows upstairs windows and light the retailer presently enjoys at Riversdale Rd, about a hundred metres away.
Country Road is set to move in next month.
Two eras end
Emmetts’ Charles Emmett, who managed the leasing campaign with Xander Yeo, said the landlord only acquired the asset in March, when NAB had yet to decide on its tenancy after over four decades of occupation.
The Country Road deal saw them suffer no rental loss.
While the agent wouldn’t specify lease details, he added of Burke Rd that rates range from $800-$1000 per sqm, per annum (story continues below).
The eastern side, south of Prospect Hill Rd, commands the highest rents and capital values, though the difference isn’t significant, he added.
In 2019, Telstra made the surprise decision to purchase a Burke Rd property to occupy, like the next Country Road building, abutting the car park.
Its $4.28m outlay reflected a 6.2pc yield based on the rent the tenant it evicted was paying.
Elsewhere in the street, two years ago, Anne Kantor, the daughter of late publisher Sir Keith Murdoch and Dame Elisabeth, sold the two level, 844 sqm Commonwealth Bank at #735-737 for $12.1m – reflecting a 3.5pc return.
Last year, the store leased to Cavalier, Burke Rd’s oldest retailer, traded for $4.39m – significantly over the ($3m) guide at a 2.6pc yield.
In April, Pomeroy Pacific was given the green light to replace the Sofia restaurant at #853-861, and the historic ex-State Savings Bank (#851) with a seven storey apartment building with ground floor shops.
Another major residential-based project is earmarked for a former Le Pine funeral home at 981 Burke Rd, on the south west corner of Victoria, which recently sold to Hacer for c$25m.
NAB owned #566 for decades until 1997. It recently relocated within the strip to #608.
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