89 Kingsway, Glen Waverley, Vic
A landmark corner in arguably Victoria’s most tightly held retail precinct is coming to market for the first time in 61 years. Stonebridge Property Group’s Sarah Xi, Nic Hage, Jacob Biviano and Rorey James are handling the sale. The property (89 Kingsway Glen Waverley), is located on the corner of Kingsway & Montclair Avenue, is leased by national fast food chain Grill’d on a 5-year lease. This is the second Grill’d tenanted property the Stonebridge team have brought to market in the past 6 weeks, with the team transacting Grill’d Heatherton last month for $4,400,000.
Stonebridge’s Rorey James noted, “the scale of Grill’d is well known by investors, who are comparing the chain like for like to McDonald’s, KFC & Hungry Jack’s.”
Grill’d, an Australian owned company has 155+ stores throughout Australia & Indonesia. 89 Kingsway spans 368 sqm* of double level building and fronts Vicinity’s ‘The Glen’ Shopping Centre.
Stonebridge Jacob Biviano noted, “the double level property boasts excellent fundamentals, with triple street frontage & favourable zoning. While it will be purchased as an investment initially, the asset provides long term scope for development.”
Glen Waverley has been one of Victoria’s most actively developed areas over the past 5 years, with more than $1 billion of development occurring within the activity centre – notably the development of Sky Garden by Golden Age which has 536 apartments across three buildings.
Sarah Xi, “Glen Waverley is one of Melbourne’s most attractive suburbs for investors of Asian heritage, the mix of Asian restaurants and businesses continues to grow, and with that so does demand to purchase property.”
Nic Hage added “Glen Waverley is one of the only areas in Melbourne, outside of the CBD with examples of ‘successful’ vertical retail development. Given the corner frontage and central Kingsway position, this is more than likely going to be an option for 89 Kingsway in years to come.”
Planning currently provides scope for up to 22 m* (height) along the Kingsway retail precinct. 89 Kingsway currently provides annual income of $189,625* and is positioned on 184 sqm* of Commercial 1 zoned land. The central freehold is located just 110 m* from the Glen Waverley train station and fronts directly onto The Glen shopping centre which is home to major retailers including David Jones & Coles.
Rorey James noted “the asset is arguably located in Glen Waverley’s most prominent position and boasts unrivalled fundamentals. These attributes coupled with the favourable zoning provide a rare opportunity for groups to secure a generational Kingsway asset.”
89 Kingsway, Glen Waverley is offered for sale via Public On-Site Auction Wednesday 8th December 2022 at 2:30pm (AEDT).