NAB, Priceline to pull investors at Williamstown shops

A prime retail complex in Melbourne’s inner-west is on the market, with expectations it will sell for around $20 million.

The mini-hub of six shops sits opposite a Coles supermarket in seaside Williamstown, with agents touting it as one of the best retail properties opportunities in the region this year.

All of the shops have long leases, with tenants including NAB and Priceline, as well as a butcher, deli, bakery and a sushi restaurant.

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The property’s listing comes amid a searing retail property market, with sales expected to hit record levels this year.

The property sits in one of Williamstown’s prime retail areas.

Investors bought $6.5 billion worth of Australian retail property last year, with continued appetite for regional and sub-regional shops driving much of the boom.

Allard Shelton directors James Gregson and Michael Ryan are marketing the property at 19-21 Douglas Parade, Williamstown, with Gregson saying he expects interest from local, interstate and international buyers.

Ryan says much the property’s value lies in its immediate proximity to the Coles, which he says has an estimated annual turnover of $65 million.

The six shops draw a combined rental income of $948,000 plus GST and outgoings, with a total building area of 1243sqm and a combined retail frontage of 109m.