Malvern shops in prized retail strip
SHOPS 2 & 3 at 266 Glenferrie Road, Malvern, have excellent exposure to a rapidly emerging section of this popular retail strip. They are located close to the High Street intersection, home to Armadale's boutique shopping precinct. Shop 2 returns about $70,000 a year and is leased to The Luggage Professionals, which began a four-year lease on May 1, 2010, with a further term of four years, an annual increase of 3.5 per cent and a market review on exercise of the further term.
SHOPS 2 & 3 at 266 Glenferrie Road, Malvern, have excellent exposure to a rapidly emerging section of this popular retail strip. They are located close to the High Street intersection, home to Armadale's boutique shopping precinct. Shop 2 returns about $70,000 a year and is leased to The Luggage Professionals, which began a four-year lease on May 1, 2010, with a further term of four years, an annual increase of 3.5 per cent and a market review on exercise of the further term.Shop 3 secures $110,000 per annum and is leased to Malvern Specialist Centre on a five-year lease from September 20, 2009, with a fixed annual increase of 4 per cent. Both shops are housed in a brick building with airconditioning and amenities including toilets and kitchenette facilities.The location places the properties close to big-name companies such as Coles, Telstra, Dick Smith, and numerous bank branches. Malvern Central shopping complex is within one block.The modern shop fronts have expansive floor-to-ceiling windows with high visibility to Glenferrie Road. The properties are being offered separately at auction on Thursday, November 11, at 1pm. Shop 2 is expected to sell for about $1.2 to $1.3 million. Shop 3 is expected to fetch about $2 to $2.1 million. For further details contact selling agencies Gross Waddell (9654 8666) or Beller Commercial (9510 1966).
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