Early Settler, 200 – 206 Whitehorse Road, Blackburn VIC
A prime retail investment on Blackburn’s Mega Mile is being offered to market for the first time in 31 years. Located at 200-206 Whitehorse Road, Blackburn and for sale through exclusive agents Savills Retail Investments and Stonebridge Property Group, the strategically located site is home to national retailer Early Settler, who, since first opening in 1985, have evolved into a 56-store national network. Early Settler have occupied the subject property for 14 years and recently renewed for a further 8-year term.
All the fundamentals that buyers are typically seeking are uniquely embedded in Early Settler Blackburn. These attributes include the certainty of a long-term lease that is secured by a quality and reliable national tenant in addition to strong rental growth and long-term development potential. For these reasons and the current shortage of similar opportunities in the market, we anticipate there will be significant interest from a wide range of groups.
Early Settler Blackburn occupies a substantial site area of some 2,903 square metres with 2 street frontages and has a Gross Lettable Area of 1,775 square metres. The property provides customers easy access and the convenience of 27 on site car spaces. In addition, the property’s 63 metre frontage provides excellent exposure to 44,000 vehicles daily.
Stonebridge Partner Rorey James said “landholdings of this scale and opportunity are seldom offered to the market in the eastern suburbs of Melbourne, particularly those anchored by a powerhouse national tenant. Whilst there is lease tail to run, the underlying land value based on current development potential will be a significant driver of value.”
Strategically positioned in the heart of the Blackburn-Nunawading Large Format Retail precinct which is known as Melbourne’s “Mega Mile”, home to all major Large Format retailers including Bunnings, Harvey Norman, JB Hi Fi and The Good Guys. It extends for 2km along Whitehorse Road and is the 2nd largest LFR precinct in Melbourne and the 7th largest nationally. Blackburn, which is just 23km east of Melbourne CBD has cemented its status as one of the most liveable suburbs in Melbourne with a firm upward trend in residential dwelling approvals and a median house price of $1.63m.
“The past 12-24 months has seen a significant shift as investors seek land rich and secure income producing investments to future proof their portfolio. Early Settler Blackburn offers terrific cash flow together with almost 3,000 sqm of land on the doorstep of Box Hill” added Stonebridge’s Asia Practice Partner, Kevin Tong.
Buyers are also likely to be drawn to the property’s future development potential being situated in a highly favourable “Commercial 2” Zone, offering flexible planning parameters for higher density. Given the site’s immediate proximity to both Blackburn and Nunawading Station in addition to the much spoken about migration of workers to the suburbs, it’s only natural that some buyers will approach this offering through the lens of a future multi-story office development.
Savills Director Rick Silberman explains “The property has demonstrated excellent tenant retention over the course of ownership having never been vacant and always leased to major retailers. Early Settler have recently invested significant capital into refurbishing the store and subsequently renewed their lease for 8 years plus further options, which is testament to their commitment to the property and location.”