Six tenancies across three side-by-side addresses in East Kew’s best retail location are on the market and are expected to attract strong interest from retail investors and developers.
Colliers International’s Jeremy Gruzewski, Hamish Burgess and Ted Dwyer have been appointed to sell 605-613 High Street, 1-3 Stratalbyn Street and 31 Valerie Street in Kew East in one line by public auction on Thursday June 25 at 11 am.
“A corner offering such as this with approximately 50m of frontage to one of the inner east’s highest profile corners rarely presents itself," Mr Burgess said.
“With combined lease expiries culminating over a six month window in 2019, with no further options, the property provides multiple future outcomes including redevelopment or repositioning.”
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The substantial 688sqm landholding comprises a two-storey commercial building currently home to five retail shopfronts and a first floor office/residence. Its location high on a hill has also made it ideal for ancillary income from telecommunication towers, of which there are currently two on the first floor roof.
“We believe there is substantial opportunity for the property to generate significantly higher income should an incoming purchaser undertake to refurbish the building as the leases finish and command a higher rental from new tenants or extend/develop upstairs to offer additional office and/or residential space," Mr Gruzewski said.
“There is also a unique opportunity for the property to be completely transformed into a high-end residential development at the completion of the current leases.
“The large land holding creates a strong footprint, while the flexible Commercial 1 zoning will allow height. Three street frontages and an additional rear lane would provide ample natural light and the overall position high on the hill will ensure uninterrupted views from future apartments.”
Mr Burgess said the prestigious location was a highly sought after residential address, with a distinct lack of apartment stock in the area.
“The property is located at a northern corner of High Street and Valerie Street, about 10km from the Melbourne CBD,” he said. “Kew East is an affluent and highly sought after suburb, with an abundance of surrounding transport, retail, recreational and educational amenity.”
The subject property has a tram line at its doorstep and provides easy access to the Eastern Freeway.
Nearby amenity includes the Harp Village, High Street Kew and Whitehorse Road retail precincts, an array of well regarded educational facilities such as Xavier College, Trinity Grammar School, Ivanhoe Grammar School, Carey Grammar School, Camberwell Grammar School, Alphington Grammar School, MLC and Swinburne University.
Recreation was well provided for, with Hays Paddock, Kew Golf Club, Ivanhoe Golf Course, Green Acres Golf Club, Latrobe Golf Club, Myrtle Park and Boroondara Sports Complex all nearby.
