Oviss family offloads another strip retail portfolio

The portfolio included assets in Canterbury (top, left), Croydon (bottom) and Bentleigh.

The Oviss family has banked $18.5 million from another tranche of Melbourne strip retail investments.

At a portfolio auction event, the 14 assets (listed below), traded at an average yield of 3.4 per cent.

The disposal comes six months since the same vendors reaped $21.8m from 12 more properties of this type.

The Dandenong property (marked) is beside a multi-level Chisholm Institute of TAFE campus.

Combined with four shops that sold after that group auction, the Oviss family has banked $43m from the reweighting process.

Gross Waddell ICR’s Michael Gross, Alex Ham and Danny Clark have been the marketing agents.

The portfolio

Over 130 people attended Hawthorn’s Leonda by the Yarra to watch the second Oviss portfolio sell down; 104 of them were registered bidders.

The assets, all south of the Yarra River, include in Boroondara: 252 High Street, Ashburton, 804 Glenferrie Road, Hawthorn (pictured, top), 1135 Toorak Rd, Camberwell, 84 Maling Rd, Canterbury and 596 Whitehorse Rd, Surrey Hills.

Also in the east, the portfolio included assets at 17 Burwood Highway, Burwood and a complex with four tenancies at 12-18 Main St, Croydon (story continues below).

Two St Kilda assets were also offered, both on Barkly Street, at 205 and 221.

The other properties are all in the south east: 467 Centre Rd, Bentleigh, 249 Charman Rd, Cheltenham, 309 Princes Hwy and Dandenong and 91 Balcombe Rd, Mentone.

Another property – 28 Atherton Rd, Oakleigh – traded for $2m, the tightest yield of all the assets – 2.73 per cent.

The Hawthorn investment sold for the highest price – $2.115m, reflecting a 3.09pc return.

“Retail assets in prime retail hubs continue to outperform expectations as the buyer pool for investments worth sub-$5m is substantial,” Mr Gross said.

The properties – some in the best part of respective strips – attracted interstate and offshore interest, Mr Clark added.

The 30 shops were accrued over 70 years by late businessman Harry Oviss who died last January, aged 97.

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Marc Pallisco

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