Retail Trio Leased
Three retail properties in Camberwell, Victoria, has been leased in a deal negotiated by agents of ICR Property Group.
The shops at 756, 758, and 760 Burke Road, Camberwell, had been tenanted since the 1980s before recently becoming available.
ICR Property Group agent, Raff De Luise marketed the properties, which were leased to Carpet Call for three years from August 2011.
The lease over the 628 sqm of retail space at a net rate of approximately $190,000 per annum has a three year option to extend.
The Business 1-zoned site was the home of JB Hi-Fi up until its recent relocation to The Well Development.
Australian Property Review – 8th July 2011
ICR Property Group are currently marketing three two-storey retail sites at 756, 758 and 760 Burke Road Camberwell, over three titles. They will be auctioned off on Wednesday 6th April at 1:00pm. Zoned Business 1, the agents say that they offer great flexibility to occupy or re-develop (STCA), as the current lease to JB HiFi (who have already moved into their new Camberwell home in the Well development) is due to end in July.
The current total rental is $224,973 per annum Nett. With a frontage of 17 metres, and laneway access to car parking at the rear, the site boasts a total building area of approximately 628 square metres on land of about 633 square metres. The property in situated amongst a host of Australia’s best-known merchants, within metres of Camberwell station, which the agents point out was itself recently approved for redevelopment.
Property Review Weekly – Friday 1st April 2011