Local landmark snapped up following Colliers International auction
A landmark retail investment in the heart of the Balwyn shopping precinct, home to iconic local restaurant Colombo’s, has been snapped up by a local private investor for $8.6million.
Colliers International’s Peter Bremner, Hamish Burgess and Damien Stone have sold the 668sqm site at 246-250 Whitehorse Road in Balwyn following the auction which attracted a crowd of more than 100 spectators and four bidders. The property sold on a strong yield of 4.41%.
The property, with a building area of 1,420sqm, has a new five year lease to popular local pizza restaurant Colombo’s – a Balwyn institution that has been trading from the site since 1969.
“This was a unique and unprecedented opportunity for an astute investor to purchase one of the largest retail freehold investment properties in Balwyn,” Mr Bremner said.
“The property is situated in a prime, central location within the heart of the Balwyn Shopping Centre, one of Melbourne’s strongest retail strips. It is surrounded by dozens of national and major retail brands and outlets and benefits from an abundance of surrounding transport, recreational and educational amenity."
The three-storey building returns a net rental of $380,000 per annum (plus GST) and is accompanied by 11 on-site car parks. It incorporates an historic façade, modern ground and second floor shop front, dining areas and commercial kitchen, and a large basement consisting of a kitchen and baking area plus storage, two cool rooms and offices.
“Owned and run by five brothers, Colombo’s family restaurant has been a home away from home to the people of Balwyn since 1969,” Mr Stone said.
The property is situated approximately 11km east of the Melbourne CBD and is zoned Commercial 1 under the City of Boroondara Planning Scheme.