Occupier digs deep for prominent Moonee Valley corner

The ex-ES&S Bank (marked), at a prominent Essendon roundabout.

Operators of the popular café who for five years rented Essendon’s prominent ex-ES&S Bank bought it from the landlord Wednesday following a competitive auction.

Assembly Ground was paying annual rent of $88,167.

The $2.24 million paid for the c1958 cream brick and render Moderne building at 104 Fletcher Street, on the roundabout with Napier and Mt Alexander Road, would reflect a 3.9 per cent yield – a record low for the suburb, according to the agents.

Woolworths just bought Niddrie Central – in Essendon – from its landlord.

Double fronted and over two levels – the top configured with an apartment – with distinctive timber sash windows, it contains 277 square metres.

Penleigh and Essendon Grammar acquired 62-64 Napier Street in 2021.

Near Essendon station, the Commercial 1 zoned 215 sqm site has off-street parking too.

The property also offers permission for more than a dozen outdoor seats.

The deal comes a week since we reported another prominent Essendon corner retail investment – the much larger Niddrie Central, at 383 Keilor Road – traded for $51m to Woolworths which has anchored since the mall opened in 1993.

Con Angelatos was the seller; he also developed it replacing an Ansett workshop and Denny’s restaurant acquired from receivers in the recession two years earlier.

While not a deal with a landlord, Penleigh and Essendon Grammar School also snapped up a property in the pocket to occupy – 62-64 Napier St, which abuts a campus, cost it $4.4m in late 2021.

Two years ago meanwhile, the Essendon Football Club acquired a $3.05m site at 141 Napier St, opposite the Windy Hill stadium, to build a medical centre investment (story continues below).

Another occupier secures Essendon spot

Assembly Ground held a secure lease over 104 Fletcher St – with 20 years of options after its next expiry term (next year).

“The unique investment opportunity…garnered substantial interest and enthusiasm from investors,” Gross Waddell ICR director, Raff De Luise, who marketed the property with Julian Materia, said.

Twenty inspections were carried out.

“This transaction exemplifies the strong demand for premium investment opportunities in prime locations, further solidifying Essendon’s position as a sought-after destination for savvy investors,” according to the executive.

“Situated at the bustling intersection of Napier and Fletcher streets, in the heart of Essendon, this property boasts an enviable location a stone’s throw from Penleigh and Essendon Grammar School, the Windy Hill football oval and Essendon station, offering unparalleled accessibility to Melbourne’s CBD and major freeways,” he added.

The building replaced a c1884 bank.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.