High profile two-storey building up for grabs in prime Windsor location
A prominent two-storey retail asset is set to go under the hammer at the popular Windsor end of Chapel Street.
Colliers International’s Tom Noonan and Ben Baines, in conjunction with Hocking Stuart Commercial’s Kenny Oliver and Charles Carty and ASM Commercial’s Andrew Manos, have been appointed to sell a high profile retail asset at 125-131 Chapel Street in Windsor. Agents expect the property to attract interest above $11million.
The property is 100% leased to a diverse mix of retail tenants including Mad Mex, Kuma Sushi, Basilico, Lucky Liquor as well as first floor office tenants Reymond Communications and Yoga Australia. It currently returns a net rental of approximately $544,000 (+GST).
“Chapel Street Windsor has undergone significant gentrification over the past five years and has become one of the most sought after retail locations for tenants,” Charles Carty said.
“A number of Melbourne most popular restaurants have all located to the precinct including Hawker Hall, Mr Miyagi, Tokyo Tina, The Smith, Saigon Sally and Morris Jones."
Mr Baines said the opportunity represented only the third $10million-plus sales to occur on Chapel Street in the past five years, following the sale of of a property at the corner of Toorak and Chapel Street, South Yarra ($12.85million) in 2013 and Hudson House at the corner of Chapel and Carlton Streets in Prahran ($10.8million) in 2014.
“Assets of this high quality nature in buzzing Chapel Street, Windsor are often sought seldom found,” Mr Baines said.
Mr Oliver said the continual evolution of Chapel Street, Windsor would provide an incoming purchaser with strong positive rental reversion well into the future.
“We are seeing significant interest in these high profile corner retail sites which attract both local and offshore buyers due to their long term development upside,” he said.
The property is for sale by Public Auction on October 14 at 12pm onsite.