RETAIL SALES BOOM IN INNER WEST HOTSPOTS SEDDON AND WILLIAMSTOWN.
Announcement posted by Allard Shelton 21 Nov 2017
PRESS RELEASE
FOR IMMEDIATE RELEASE: 16 November, 2017
Contact: Sandra Coia
P: 0418176375
Melbourne - 16 November, 2017. Strong demand and a steady increase in sale prices in Melbourne’s inner city western hotspots Seddon and Williamstown, have
beena catalyst for the listing of yet another two major commercial landholdings by Allard Shelton:
- 103-105 Victoria Street and rear neighbouring property 2 Bourke street, Seddon and;
- 74 & 76 Douglas Parade, Williamstown
Commercial property agents Allard Shelton have been appointed for the sale of both landholdings with Directors Michael Ryan and James Gregson leading the team’s campaign, with Alexkabon real estate a conjunctional agent on the Seddon sale.
The Seddon parcel comprises 3 retail shops; Mozzarella Bar, Souvlaki Bar and Copperpot and 1 humble residential home. Spanning a complete area of 735 sqm and being sold by one owner, the anticipated sale price of 5 million plus is reflective of this high demand which has in part, been driven by the suburb’s population increase of almost 5% over the last 5 years. The properties will be sold tenanted, via public auction on Thursday 14th December at 1pm onsite.
“The Victoria street investment has 4 tenants including long secure leases to renowned hospitality tenants Copper Pot, Mozzarella Bar and Meat the Greek Souvlaki
bar
with a current combined income of $220,000. This is a very stable investment with the potential for huge capital growth, especially with the projected increase in population to the area expected to rise on average by 20% over the net 10 years according to the City of Maribyrnong.” stated Mr. Gregson.
Seddon, with its leafy and residential streetscapes, is situated only 4km west of Melbourne and has experienced on average, a jump in property value of around 20% over the last year alone, as recorded by the CoreLogic property database.
This listing follows the sale of 70 Charles Street, Seddon which is located on the corner of Victoria and Charles Streets. The sale value of this single tenanted premises, was impeded by site contamination however still sold for $4.6 million last year to an overseas developer who has just lodged plans for a 8 level mixed use development.
Williamstown prices have also risen in the last 5 years with an increase of roughly 10% p.a as more people look to enjoy the lifestyle of this waterfront suburb. “Investors are jumping at the chance to invest in commercial opportunities such as these at the moment. We have sold approximately $50 million dollars of retail assets in Williamstown in the past 9 months. Currently returning a combined income of $64,000 + GST, there is enormous rental upside potential and good prospective capital growth. In addition the short term leases will appeal to the owner occupiers .” stated Mr. Ryan.
The two retail shops at 74 & 76 Douglas Parade Williamstown will be offered to the market separately and sold on the 7th December this year via public auction. The offering comprises of two separate retail shops of 170 sqm each in one of Williamstown’s most popular retail shopping strips.
About Allard Shelton Pty. Ltd.
Allard Shelton Pty. Ltd. is a Melbourne based real estate agency established in 1884 and is one of Australia’s longest standing property firms. The Company offers services to both vendors and sellers in property sales, leasing, appraisals and property management. Allard Shelton is one of Melbourne’s most trusted agencies, with a vast network of long term, high profile clients for whom they provide tailored agency services, consulting and property investment guidance.