suburban strip retail – realestatesource https://www.realestatesource.com.au Commercial and residential property news Tue, 16 Mar 2010 06:38:52 +0000 en-US hourly 1 https://wordpress.org/?v=7.0 https://www.realestatesource.com.au/wp-content/uploads/2024/03/rsfav-100x100.png suburban strip retail – realestatesource https://www.realestatesource.com.au 32 32 Shop Top Living Makes a Comeback Due to New Planning Preferences https://www.realestatesource.com.au/shop-top-living-makes-a-comeback-due-to-new-planning-preferences/ Tue, 16 Mar 2010 06:38:52 +0000 http://realestatesource.com.au/wordpress/shop-top-living-makes-a-comeback-due-to-new-planning-preferences.html IT was a concept last popular a century ago in then-working-class suburbs like Richmond and Fitzroy, but now it looks like shop-top living is making a big return.

Gray Johnson director Matt Hoath, who last week sold five shops energy supplier Origin Energy held for more than 40 years, said residential developers are significantly more prevalent hunting suburban strip retail sites with redevelopment potential.

He cites the Melbourne 2030 planning policy (since replaced by Melbourne @ 5 Million) as the key driver, because it encourages higher density living around retail amenity and transport nodes.
]]> And with the sky the limit, so too it would appear, are becoming values, with one property in the Origin portfolio, in Oakleigh, selling on a low 2.5 per cent yield, Mr Hoath says, because of the site’s redevelopment potential and corner position at Portman Street.

“Councils are also not insisting on providing the same car parking restrictions for these kind of residential redevelopments developments, as long as you can provide a green plan that include initiatives such as bike racks,” Mr Hoath said.

Recent residential developments being marketed in suburban retail strips include Aerial at the Camberwell Junction, and a 200-unit project at Colombo Street, Mitcham.

]]> Australia Post Branch in Coburg Sells For $1.112 Million https://www.realestatesource.com.au/australia-post-branch-in-coburg-sells-for-1112-million/ Tue, 11 Mar 2008 12:39:08 +0000 http://realestatesource.com.au/wordpress/australia-post-branch-in-coburg-sells-for-1112-million.html Gross Waddell Pty Ltd successfully sold at auction yesterday, the Australia Post outlet located at Unit 5, 435 – 437 Sydney Road, Coburg for $1,112,000.00 on a yield of 7%.

]]> The auction attracted a crowd of approximately 80 people. Bidding commenced at $900,000.00 and progressed keenly through to the sale price. There were some six keen bidders.

The property is located in the heart of the Victoria Street Mall next door to Bakers Delight. The thriving Shopping Centre is anchored by national supermarket operators, Coles (2 stores), Safeway, Dan Murphy’s, all major banks, eateries, numerous fashion retailers, Crazy Prices, Priceline, TAB and other well know retailers.

Australia Post has occupied the premises for in excess of 10 years. The current lease expires on 1st December 2009.

The rental is $78,000.00 per annum.

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