April 22nd, 2021
Offered for the first time in 44 years, Fitzroys were delighted to present 580 Burke Road, Camberwell to the market.
Tenanted by established national women’s fashion store ‘Witchery', this blue-chip commercial investment has a landholding of approximately 361sqm and a building area of 334sqm*. Generating returns of $289,230 per annum net (as at 01/07/21), the storefront features two active and convenient frontages (To Burke Road and Camberwell Market Place).
The retail site is situated in the heart of Camberwell Junction and surrounds itself around other national tenants including the Australian Banks, Priceline, T2, Minimax and Mountfords. A large carpark along with additional shops and cafes are located outside the Market place frontage.
A sizeable crowd of more than 100 investors and locals gathered outside the Market Place frontage, keen to witness what result this iconic property will achieve. With 4 bidders battling hard for the rare offering, the bidding kicked off at $5.5 million and in the blink of an eye the property was declared on the market at $6.2 million.
As bids rolled in faster than shoppers when they see a 40% off sale at Witchery, 2 buyers greatly tested each others limits towards the business end of the auction. After 20 minutes had elapsed, and with more than 40 bids recorded, the marathon auction had come to an end, selling under the hammer for $6.788 million, representing a yield of 4.26%.
Well Done to Fitzroys on an outstanding sale!
