Stonebridge Property Group is bringing to market twelve (12) shops located throughout Melbourne’s southeast growth corridor.
The portfolio will be offered to the market via an Expressions of Interest campaign with the option of ‘in-one-line’ or ‘individual’ acquisitions.
Stonebridge Property Group agents, Rorey James, Nic Hage & Kevin Tong will be handling the transactions alongside local agents Cameron’s, Quirk Real Estate & Graham Chalmers.
It is understood the portfolio could fetch as much as $9,000,000 with Stonebridge’s Director, Rorey James noting that the individual properties range in value from ~$500,000 – $1,650,000.
James continued, “Given the entry level price points, coupled with the low maintenance nature of the assets, we expect strong interest from first time buyers, or investors who have been priced out of the overheated residential market.”
“Over the past 9 months we have seen residential investors shift towards commercial opportunities, with 5-6% commercial property returns carrying greater appeal than the sub 3% returns of typical residential investments.”
Stonebridge recently sold 240 Dorcas Street, South Melbourne to a first-time investor who opted to buy a ground floor shop over a first home.
The portfolio comprises properties located throughout the City of Casey, Gippsland region & Mornington Peninsula which were acquired by a single owner over a period of 25+ years.
Nic Hage noted “All of the properties are positioned within various activity centres, close to public transport and major supermarkets. These features coupled with the forecast population increase of the southeast represents a great capital growth opportunity for investors.”
“It is well publicised that the impact of COVID-19 is seeing people grow comfortable with residing a substantial distance from the CBD, we see this as a benefit to the portfolio as majority of the properties are regional or located on the fringe of metropolitan Melbourne.”
“The current government Stamp Duty concession creates further opportunity to investors, with a stamp duty discount of 50% being applied to regional property acquisition.”
Stonebridge are offering properties in the high growth suburbs of Pakenham, Narre Warren, Warragul, Trafalgar & Drouin – ForecastID notes that these suburbs are expected to achieve a population increase between 40-66% by 2041.
Kevin Tong added, “The portfolio comprises 14 tenants with just 1 vacancy, representing a low vacancy rate of 6.4%. The high level of tenant retention is testament to the quality of each strategic position.”
Tenants across the portfolio include the Parliament of Victoria, national employment provider APM, physiotherapy, hospitality operators, real estate agency and a boutique supermarket.
The properties will be sold via an Expressions of Interest campaign set to close following the easing of the current Victorian Government Covid-19 travel restrictions (if not sold prior).
For further information please contact:
Rorey James | +61 439 400 081 | RJames@stonebridge.com.au
Nic Hage | +61 448 782 594 | NHage@stonebridge.com.au
Kevin Tong | +61 422 848 818 | KTong@stonebridge.com.au
Sarah Xi | +61 468 320 297 | SXi@stonebridge.com.au