Melbourne’s Bayside suburbs attract retail investors
Property firm CBRE has stated that Melbourne’s south-eastern suburbs are on the radar of investors, who have purchased a string of retail strip assets and, in the process, set yield, land and building rate records.
According to CBRE national director of investments Mark Wizel, the Church Street retail strip in Brighton has created at least $31 million in sales over the last year, with one property selling at over 60 per cent of the reserve.
“Brighton has obviously been a standout recently but we are now seeing a far greater level of interest in other bayside suburbs including Hampton, Sandringham, Elwood and Black Rock,” Wizel said.
“These very well regarded, close to the beach, close to the CBD, suburbs are those that investors and developers are now looking to as providing sound future growth prospects.”
A key part of this excitement, Wizel points out, is that Brighton and neighbouring suburbs retail and commercial centres attract the relatively well-heeled locals to spend their money locally.
“Brighton and its neighbours are consistently among the highest earning suburbs in Melbourne,” Wizel said.
“Retailers have recognised that and worked to attract and retail local customers around a revitalised mix of tenancies, particularly dining and fashion, and Brighton has done that particularly well.”
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