Prime Whitehorse Road retail asset changes hands prior to auction

A local owner occupier has the opportunity to stamp their mark on the iconic Whitehorse Road retail strip in Balwyn after snapping up a significant freehold asset.

Colliers International’s Jeremy Gruzewski and Jackie Hanna have negotiated the sale of an 800sqm (approx.) freehold building situated on a 587sqm (approx.) site at 252-254 Whitehorse Road in Balwyn for $7,095,000.

“This was an incredible result, demonstrating the strength and popularity of busy retail strips,” Ms Hanna said.

“This significant and imposing freehold property in the heart of the Balwyn Shopping Centre was sold with vacant possession in a unique opportunity for an owner occupier to stamp their mark on an iconic strip."

The two-level, double fronted freestanding building is currently home to a Sophia’s Italian restaurant but was offered with vacant possession. There was a provision for 10 secure car spaces at the rear of the property.

Ms Hanna said the property was situated around 11km east of the Melbourne CBD in the heart of Balwyn Shopping Centre, one of Melbourne’s strongest retail strips. It was surrounded by a host of major retailers including Woolworths, National Bank, Westpac, Commonwealth Bank, ANZ, Bendigo Bank, Australia Post, McDonalds and Subway.

“The property receives sensational exposure and foot traffic,” Ms Hanna said. “It benefits from seven day trading conditions driven by high volumes of shoppers, tourist and the booming residential population of Balwyn and other surrounding affluent suburbs such as Camberwell and Kew."

The property was serviced by a wide variety of public transport, retail, recreational and educational amenity in the surrounding area.

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