A veterinary clinic and a bakery in two of Melbourne’s booming metro growth corridor suburbs are to be auctioned this week, as demand for well-located commercial investments continues to strengthen.
The first of the properties, fully leased to The Avenue Vet at 2-4 Maksi Way in Cranbourne North, offers two shops on two titles, in a popular south-east retail hub.
The 116 sqm property enjoys a prime position with 16 metres of street frontage opposite the Woolworths-anchored Avenue Village Shopping Centre, which has major specialty retailers including BWS and Chemist Warehouse, along with a medical centre and dental clinic.
The property returns $59,794 plus GST in annual rent and is leased to the vet business on a five-year lease to May 2022, with another two five-year options through to 2032.
In nearby Pakenham, a prime retail property opposite the thriving Cardinia Lakes Shopping Centre presents as a superb entry level investment.
Shop 1, 141 Windermere Boulevard, is leased to The Bakery Store on a five-year lease to February 2023, plus options, with fixed 3% annual rent increases ensuring future rental growth.
Returning $34,608 plus GST per annum, the 80 sqm space is occupied by experienced bakery operators and its appeal is enhanced by traffic generated by the Coles supermarket just metres away at Cardinia Lakes.
Both properties are to be auctioned at Burgess Rawson’s Investment Portfolio Auction at Crown Casino on Wednesday, May 15.
Burgess Rawson’s Shaun Venables, who is marketing the property with Al Bogdani and Zomart He, said the strength and growth in Melbourne’s south-east metro corridor made the case for commercial property in the region beyond compelling.
“The Casey and Cardinia regions are experiencing growth you won’t see almost anywhere else in Melbourne,” Mr Venables said.
“In Casey the population was already nearly 300,000 less than three years ago, and by 2041 it’s predicted to be more than 534,000. Commercial property investments in those areas are already performing exceptionally well, and when you add virtually double the population over the next 20 years, the growth has the potential to be enormous.”
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