19.Apr.21
PRIME SOUTH YARRA RETAIL CORNER TO SUIT INVESTORS, OCCUPIERS AND DEVELOPERS
169-175 Toorak Road, South Yarra
A syndicate of private investors have appointed Emmetts to auction a prime corner freehold on the corner of Toorak Road and Yarra Street, directly opposite and on the same side of Toorak Road as South Yarra Station.
The 613 square metre land holding currently accommodates four adjoining retail buildings constructed in the Tudor Revival style with the property currently generating a diversified income of approximately $320,000 per annum from four retailers.
All leases contain landlord redevelopment break options on six to twelve months’ notice so the property could suit range of buyers including investors, owner occupiers as well as developers according to the marketing agents.
Benefitting from 20 metres of frontage to Toorak Road and 30 metres of frontage to Yarra Street, the agents are promoting the redevelopment potential as well as various value-add opportunities including expanding the ground floor building area, activating the Yarra Street frontage and creating a large, consolidated flagship retail tenancy.
Emmetts Managing Director Charles Emmett said “This kind of tenancy may be very attractive to a range of tenants including cosmetics, fashion, pharmacies, liquor, fast food and small format supermarkets.
It is also suggested the property could accommodate 11 to 13 levels in height setback from the existing Toorak Road facade, subject to town planning approval.
Charles Emmett said “the property is arguably South Yarra’s busiest retail corner in terms of passing pedestrian traffic. The Station is already the eighth busiest in the metropolitan network with an estimated 4.59 million passengers boarding in 2017/18. And South Yarra continues to grow at a frenetic pace with a range of development activity spanning high density residential, office and hotels. A large majority of the people occupying these buildings will take the train so the commuter traffic around this corner will continue to grow at an incredible rate.”
“South Yarra is a really dynamic spot. A lot of people want to live and work there. They want to shop there. Tourists want to visit South Yarra. Disposable incomes are relatively high and town planning policies are facilitating strong population growth. For these reasons South Yarra has economic characteristics that are similar to a CBD. And Toorak Road is the centre of this. This is why it is currently one of the most in-demand shopping strips in Melbourne from a retail occupation point of view”.
Dior and HSBC recently commenced trading in the retail component of luxury residential project Capitol Grand. Aesop have recently relocated within the strip completing a new fit out at 222 Toorak Road. Other notable traders in the strip include Country Road, Mecca Cosmetics, Gum Tree Good Food, Chemist Warehouse, multiple IGA supermarkets, BWS, Vintage Cellars and restaurants France Soir and Cosi.
Emmetts Director Andrew Milligan said the “The tenancy mix of Toorak Road South Yarra reflects the live-work-play dynamic of the area. It’s a very balanced mix of businesses spanning groceries, fashion, cosmetics, cafes, restaurants and services. These are the attributes of a good retail strip.”
“Nearby at 627 Chapel Street, Gold Fields are well into construction 24,000 square metre premium grade office tower and Vicland have recently completed a 5,500 square metre office project on Wilson Street. These projects will further grow the commuter population travelling to and from South Yarra on a daily basis.
In 2019 US build-to-rent giant Grey Star, purchased adjoining sites 14-16 Yarra Street and 35-41 Claremont Street from separate owners. It is understood they will build 500 build-to-rent apartments and 5,000 sq m of commercial space. These properties are located a short walk from 169-175 Toorak Road.
Last month at 234 Toorak Road, a 123-room Ovolo Hotel opened its doors for the first time.
It has also recently been announced that Gurner and Qualitas would partner with Newmark Capital to deliver 500-600 build-to-rent apartments and 20,000 sq m of office space plus 20,000 sq m of retail space at the Jam Factory on Chapel Street in South Yarra.
169-175 Toorak Road South Yarra is for sale by public on site auction on Thursday 28th May at 12:30pm on site.
For further details, contact the exclusive appointed agents:
Charles Emmett
M: +61 402 358 069
E: charles.emmett@emmettsrealestate.com.au
Andrew Milligan
M: +61 421 559 992
E: andrew.milligan@emmettsrealestate.com.au
Geoff Emmett
M: +61 409 330 561
E: geoff.emmett@emmettrealestate.com.au
Hung Pham
M: +61 431 120 918
E: hung.pham@emmettsrealestate.com.au
