ARMADALE’S LARGEST RETAIL PROPERTY LANDHOLDING CHANGES HANDS FOR CIRCA $25 MILLION.
Announcement posted by Allard Shelton 21 Dec 2017
FOR IMMEDIATE RELEASE: 21 December, 2017
Contact: Sandra Coia
P: 0418176375
Melbourne, 21 December, 2017 – Private investment firm and Melbourne based developer GLG, has swiftly swooped on 13 adjoining shops on High street Armadale, paying circa$25,000,000 in an off-market transaction facilitated by Allard Shelton Directors, Mr. James Gregson and Mr. Michael Ryan. The sale is the largest transaction of consecutive, adjacent shops for High Street Armadale noted to date.
Mr Ryan commented, “In the short to medium term, the 13 Armadale shops which collectively sold on a 2.7% yield, could, based on comparable rents in the strip, confidently realise a rental uplift. In the long term, there is also huge potential to capitalise on the buildings themselves and their prime location.”
The landholding is strata-titled into 13 units spanning a land area of 2415 sqm and a frontage of 80 meters, with 2700 sqm of lettable area. There are 63 rooftop parking spaces, 43 of which are allocated to tenants. At present, the strip is tenanted by quality long term tenants such as Sofas Direct, Aya Teppanyaki, Steinway Piano Gallery and High Dental.
According to the ABS, the overall Australian retail turnover rose 2.8% in August this year compared to 2016. This illustrates that retail and hospitality spaces are still a prominent avenue through which consumers buy, giving investors even more confidence about investing in this sector.
Mr. Gregson commented, “Roughly $25 million of retail assets has been transacted in this deal alone and it has been a win-win for everyone - the vendors have achieved the best price in the market from their investments and GLG have acquired a premium grade landholding which has incredible potential for further capital development and gain. Despite the perceived uncertainty for the traditional retail landscape, there is clearly still an unprecedented demand and funds available for well-located retail investments.”
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.
ENDS
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p: 0418176375