Investors and owner-occupiers have sought out a high-profile Camberwell corner retail property offered with vacant possession.
Fitzroys’ Chris James sold 387 Camberwell Road in the popular inner-east suburb for $845,000 on behalf of a private investor,
Crawfords Group was the buyer of the 82sqm premises.
The corner site has a 28-metre frontage to Camberwell Road and Crescent Road, and is located within Camberwell Road’s retail and commercial precinct and close to the bustling Camberwell Junction.
“It’s rare that a sub-$1 million freehold becomes available in one of Melbourne’s most established and affluent catchments,” James said.
“Investors were very confident they could find a quality tenant for the property given its significant frontage.”
James said the building had been previously utilised as a café and the purchaser would lease out the property for a similar purpose given the fittings remained.
Fitzroys’ most recent Walk the Strip report detailed that hospitality tenants have dominated retail leasing activity over the past two years, with 50% of all deals currently being struck with food and beverage operators - well above the proportion of retail spaces traditionally accounted for by hospitality operators.
