Properties on the tightly held Koornang Road retail strip in Carnegie rarely change hands, however there is a recent available property that will lure competitive offers.
Colliers International agents are predicting a hot contest for the home of popular Malaysian hawker food restaurant, Petaling Street.
Colliers International’s Jeremy Gruzewski and Tom Ryan have been assigned to auction off 96 Koornang Road. They expect the asset to attract interest upwards of $2.35 million.
“This free-standing restaurant in the centre of Carnegie’s main shopping strip offers investors a rare opportunity to secure a property in a strip that has grown in leaps and bounds,” Mr Gruzewski said.
“Carnegie has become tightly held and a well sought after spot for astute investors.
“This particular asset is close to Carnegie Train Station, Caulfield Racecourse and Monash University’s Caulfield campus, within a tightly held and sought after strip full of highly regarded national and international retailers.
“As a result of its growing popularity, Carnegie and especially Koornang Road has become a lively and well patronised retail hub.”
With a strong, long term tenant in place, Mr Ryan said the property represented a secure investment in a popular market.
“Very few properties come up for sale along this strip, so we are already receiving a high level of interest from savvy buyers keen to establish themselves in the area,” Mr Ryan said.
“96 Koornang Road is the type of opportunity that doesn’t often present itself and, with a 10 year lease agreement, perhaps may not arise again for a long time.”
The 178 square metre site comprises a tw0-storey, 308 square metre building with frontage to Koornang Road and a car park at the rear. A recent fit-out included a top quality, restaurant-grade kitchen and refurbishment of the ground and first floor for restaurant patronage.
Other retailers on Koornang Road strip include Spotlight, Subway, Australia Post, ANZ, Commonwealth Bank, NAB, Westpac, Woolworths and Aldi.