Investment, development options at Ocean Grove shop
An Ocean Grove retail building with development potential is set to be auctioned later this month.
Fitzroys agents Mark Talbot and James Lockwood are marketing the property at 76A The Terrace, Ocean Grove, which is going to auction on February 23 at 1pm.
The 327sqm single level building is leased to long-term tenant Pharmasave on a two-year deal.
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The chemist has two further four-year terms in a lease that’s returning $107,000 a year.
Zoned Commercial 1, the property is also offered with generous on-title air rights, with potential for a building of up to four storeys, or subdivision.
76A The Terrace, Ocean Grove is for sale.
Talbot says the building occupies a prime position in The Terrace retail village, with a prominent frontage of more than 10 metres directly opposite the Coles supermarket with a busy pedestrian crossing and the proposed Town Square development site adjacent.
“The property is located next to the site of the Town Square, a proposal adopted by the council to create an open public meeting space to enhance and reinforce the Ocean Grove town centre as the primary retail precinct.”
