Dental technician buys into Mitcham
A restorative dental care provider has purchased the most prominent shop in a commercial strip with just eight properties, at Mitcham.
The outgoing milk bar at 23 McKeon Road, on the north east corner of Quarry, where it has prominent frontage, set Dentopia Australia back $745,000.
The single storey, 117 sqm building will now be fit out for occupation.
The group bought the property following a campaign also targeting developers; the 169 sqm site, zoned Commercial 1 and with rear laneway access, could be replaced with something three times taller.
Another occupier invests in tiny Melbourne strip
NSL Property Group’s Guy Naselli said the Mitcham property will accommodate Dentopia’s flagship practice.
About 200 metres to the Mitcham Private Hospital, the tiny McKeon Rd shopping precinct has 14 car parks to McKeon Rd and another seven to Quarry (story continues below).
It is also walking distance to the corner of Mitcham and Springvale roads, and Mitcham train station.
The deal comes eight months since law firm Arnold Thomas & Becker spent $450,000 for a 68 sqm ex-shoe store at 10 Murray Place, Ringwood, with plans to extend its neighbouring office, on busy Maroondah Highway.
Chemist Warehouse executives meanwhile have also been active in Melbourne’s strip retail investment scene, snaring assets in Kew and Richmond, it is believed to occupy.
Also last December, business owners outlaid $2.72m – a 3.1pc yield – for a double fronted shop in a tiny Forest Hill shopping strip the pharmacy occupied.
That commercial precinct contains just 10 properties.
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