Mark Lo Giudice snaps up Camberwell Junction shop
A corner store opposite the City of Boroondara’s headquarters has been snapped up by former Carlton Football Club president Mark Lo Giudice’s Crawford Group.
The 82 square metre property, 387 Camberwell Road, at the south east corner of Crescent, near Camberwell Junction, is setting the developer and investor back $845,000.
Presently vacant, it is understood Richmond-based baker Penny for Pound has entered a lease – with plans to utililse the fit-out from the previous café occupier.
The deal comes four months since we reported Mr Lo Giudice paid $2.8m for an ex-Westpac branch at the busy south west corner of High and Cramer streets, Preston.
In late 2019 the executive sold Gisborne Square – 10 shops beneath a rooftop car park – to Samuel Property’s Illan Samuel, also a Blues supporter.
Rare for sub-$1m freehold in this location: agent
Fitzroys’ Chris James marketed 387 Camberwell Rd.
“It is rare that a sub-$1 million freehold becomes available in one of Melbourne’s most established and affluent catchments,” the agent said (story continues below).
“Investors were very confident they could find a quality tenant for the property given it significant (28 metre) frontage,” he added.
“Fitzroys’ most recent Walk the Strip report detailed that hospitality tenants have dominated retail leasing activity over the past two years, with 50 per cent of all deals currently being struck with food and beverage operators – well above the proportion of retail spaces traditionally accounted for by hospitality operators,” according to the executive.
Elsewhere in the suburb, three months ago, Burbank outlaid a speculated $13.6m for a 4805 sqm townhouse development site at 1 Cooloongatta Rd.
Last October, Hacer in partnership with Time & Place paid $25m for a former funeral home at the south west corner of Burke and Victoria roads, offered permit ready for a seven level apartment project with lower level office and retail.
In 2019, Sydney Roosters chairman Nick Politis acquired a warehouse on a 1795 sqm Commercial 2 zoned site in neighbouring Hawthorn East, with plans to occupy as a car dealership.
That property, 20-24 Hall St, set the executive back $11.2m.
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