A prime retail freehold, well positioned in one of Melbourne’s strongest and most consistent retail strips, the property offers investors the following features:
+ Prime Puckle Street location, approximately 60 metres from Moonee Ponds Station
+ Puckle Street is one of Melbourne’s strongest and most consistently performing retail strips, benefitting from its position within Melbourne’s established inner north-west, attracting shoppers from surrounding suburbs with limited nearby competing retail strips with comparable gravity.
+ The strip is anchored by Woolworths, Coles, Kmart and Aldi and is enhanced by its abundance of at-grade convenient shopper car parking in addition to ease of transport via Moonee Ponds Station and nearby tram routes.
+ The strip is also popular with national discretionary retailers due its strong population catchment and lack of nearby competing retail locations.
+ The location has benefitted in recent years from the Moonee Ponds Activity Centre Plan (MPAC) which has encouraged medium and high density development activity immediately surrounding Puckle Street.
+ Key growth statistics forecast within the MPAC Plan (2021) including a forecast 224% growth in population, 96% growth in employment, a increase in demand for retail space of 34,841 sq m and an increase in demand for office space of 194,424 sq m.
+ This growth population and employment is expected to continue to add significantly to local retail expenditure, providing potential for strong retail rental growth along Puckle Street.
+ 133 Puckle Street provide investors with a prime freehold comprised of 137 sq m of land.
+ Single level retail premises of 105 sq m with rear access via laneway.
+ Leased to AJ Barbers on a new 5+5 year lease from February 2023, at a commencing rent of $45,000 pa plus GST & outgoings.
+ Lease provides for fixed annual increase of 4% pa with a market review at the commencement of the further term.
+ The rent reflects a low rate of $428 per sq m providing potential for sustainable rental growth over the medium term.
+ Affordable retail freehold opportunity in a Tier 1 Melbourne retail strip.
133 Puckle Street is for sale by Public Auction on Thursday 27th July at 2:30pm.
For further information or to arrange an inspection, please contact the exclusive selling agents.