Four shops and a first-floor apartment offer upside for buyers at Anglesea
Four ground floor retail shops and a first floor apartment form 97-101a Great Ocean Road, Anglesea, which are listed for sale with circa $4m price expectations.
There is rental and development upside to a rare multi-tenanted retail and residential property on Victoria’s Great Ocean Road.
The property at 97-101a Great Ocean Road, Anglesea, comprises four fully-occupied ground floor shops and a vacant one-bedroom apartment on the first floor.
The 871sq m property has been listed for sale with circa $4m price expectations.
Colliers Geelong agents Ned Tansey, Jonathon Lumsden and Jackson Carrick are managing the expression of interest campaign.
“This is an extremely rare opportunity to secure a multi-tenanted investment along the Surf Coast, and even rarer for it to have direct Great Ocean Road frontage just 1.2km from the beach along the iconic scenic road,” Mr Tansey said.
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“There has been a lack of multi-tenanted investment opportunities coming to the market for sale along the Surf Coast, and we are anticipating this will be a sought-after asset for investors and developers alike.”
Mr Tansey said local, Melbourne or interstate buyers are most likely looking to lock in the income stream and keep a long-term view of the development potential for the property.
The property sits on an 871sq m land area and comprises a 418sq m building.
With nearly 900sq m of land area and demolition clauses in place, the property does offer new owners a development upside, subject to council approval.
The ground floor retail shops provide an annual net income of almost $180,000.
The retail tenancies generate an annual net income of $177,940 with annual rental increases, with the vacant apartment offering a rental upside.
And demolition clauses inserted into the leases provide a development upside for new owners.
Commercial transactions are rare in the popular tourist town, renowned for its beaches, rugged cliffs, and scenic walking trails.
The previous sale along the shopping strip occurred in April last year.
Anglesea is an hour and a half southwest of Melbourne and is 19km from Torquay, 30km from Lorne, and 36km from Geelong.
“Situated directly on the famous Great Ocean Road ensures this property receives fantastic
exposure from passing traffic to the over seven million people who visit Great Ocean Road each year,” Mr Lumsden said.
“This property is also within easy walking distance to Anglesea Beach and is located on a thriving retail strip that includes IGA, BWS, and Bendigo Bank.”
Expressions of interest close October 22.
