Burke Hill investment to go under the hammer for the first time in 35 years

An investment opportunity along the highly sought after Burke Road retail strip in Camberwell is being auctioned through Gross Waddell later this month.

An auction 35 years in the making will be held on October 24, as 738 Burke Road, Camberwell goes under the hammer.

Situated along the Burke Road retail strip, the investment property is leased to Mail Boxes Etc., who have occupied the property for the past two decades.

Selling agent Andrew Greenway, of Gross Waddell, said the longevity of the occupier was a testament to the property’s location.

“The fact the tenant has been at the property for more than two decades will give investors a lot of confidence,” he said.

“The property is also in a well-regarded retail strip that has the tram line at its doorstep, while also being 50 metres from the train station.

“It has all the right ingredients from a passive investment point of view.”

The business is in the midst of a five-year lease which commenced in August, 2017, and comes with a five-year option to extend.

The site generates $66,306 per annum + GST and comes with annual increases of three per cent with review to market at the commencement of a further term.

Features of the property include fully fitted retail and commercial accommodation across 2 levels, culminating in a building area of 170 square metres.

The address also benefits from Commercial 1 zoning and generous rear car parking.

The auction will be held onsite at 12pm on Thursday, October 24.

For more information, email or phone Andrew Greenway on 0409 547 626 or Alex Ham on 0410 545 226.

 

SOURCE: https://www.commo.com.au/2019/09/20/burke-hill-investment-go-under-hammer-first-time-35-years/1568959808