Melbourne Red Cross Shop for sale after 60 years
A two storey op-shop occupied over 20 years by the Red Cross has hit the market in the heart of Moonee Ponds’ Puckle Street.
Every retail investment listed in the precinct since COVID has sold.
Last month a Sigma Heath backed chemist on Pratt St – off Puckle, but also with retail – traded for c$1.21 million, or $17,000 per square metre.
Also, the Moonee Ponds Cinema – now four shops – at 9-15 Puckle St, exchanged for $5.2m.
Last September, the 146 sqm ground floor of 60 Puckle St sold for $1.78m – a 3.72 per cent net yield.
Emmetts’ Charles Emmett, James Rook and Geoff Emmett brokered that deal.
The same agents are marketing the op-shop, two doors up, at #64.
64 Puckle Street
64 Puckle St has been held 60 years.
It contains 221 sqm over two floors.
The site spans 181 sqm with rear access to Puckle Lane.
The not-for-profit nature of the tenant may enable a successful application for land tax exemption, Charles Emmett said.
“The asset is leased until December 2031 including options with annual three per cent rent rises,” he added (continues below).
Price expectations are $1.6m-plus ahead of an auction on August 13.
Heart of activity centre
Puckle St, connecting the Moonee Ponds train station to its bus interchange, about six kilometres north-west of town, has long been considered by state planners as a major metropolitan activity centre.
High profile tenants to move in since 2023 include Palace Cinemas, Brunetti Classico and Guzman y Gomez.
Earlier this year, McDonald’s opened in the street after a 30 year hiatus.
“Puckle St has consistently proven itself as one of Melbourne’s strongest metropolitan retail strips because it services a large and growing catchment while facing very little direct competition from other shopping precincts nearby,” Mr Emmett said.
“The combination of major national retailers, convenient parking and excellent public transport continues to underpin strong customer traffic and retailer demand,” he added.
“The precinct has been transformed in recent years by the Moonee Ponds Activity Centre Plan, which has driven substantial residential and commercial development….more than 2,200 apartments have been completed, with a further 1,800 or so planned, creating a much larger population within walking distance of the strip,” according to the executive.
“That growth is expected to continue, with forecasts pointing to significant increases in both population and employment over the coming decades.
“As that occurs, demand for retail and office space should strengthen further, supporting retailer performance and long-term rental growth along Puckle St”
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