Glen Iris shop to sell for first time in six decades

A shopfront in Melbourne’s inner east is set to go under the hammer for the first time in more than 60 years.

The two-storey brick building at 159 Burke Rd in Glen Iris has been held by the same owner for decades and is situated in a tightly held pocket of the suburb, promising a rare opportunity for investors according to Teska Carson’s Fergus Evans.

“The fact that 159 Burke Rd is being offered for the first time in 65 years underlines just how sought after and tightly held properties in this precinct are,” Evans says.

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“This is an excellent opportunity for an investor or an owner-occupier to get a foothold within a popular retail/commercial precinct, in one of Melbourne’s most highly regarded inner suburbs.”

Zoned Commercial 1 under the City of Boroondara Planning Scheme, the 142sqm site is in the Malvern East Central Park shopping village and has six metres of frontage with a secondary access via a rear laneway.

The inside of the shop at 159 Burke Rd, Glen Iris.

It offers retail on the ground level with an office or residential space upstairs and is being sold with vacant possession.

Teska Carson’s Matthew Feld says demand for retail strip properties has grown over the past two years on the back of a declining residential investment market.

“We are continually taking calls from residential investors wary of an overcooked residential market which is still finding its feet,” Feld says.

“What has been a traditional favourite with smaller investors is now becoming even more popular with investors, but also with owner-occupiers who are taking advantage of record low borrowing rates to invest in their future.”

Between Wattletree Rd and High St, the property is within close proximity of Central Park, Glen Iris Railway Station and major arterial routes including the Monash Freeway and Dandenong Rd.

Also nearby are the Caulfield Grammar and Monash University’s Caulfield campus.

The property will be auctioned on September 6.