Balwyn North arcade hits market after 50 years
A family-owned retail arcade in one of Melbourne's wealthiest suburbs is up for sale for the first time since 1975.
The red-brick Balwyn North Village Arcade at 70 Doncaster Rd has been in the same family for two generations.
It's home to Lemongrass Chicken and a decades-old Saki restaurant, both local favourites that have served the community for more than 30 years.
Colliers' retail investments services director Tim McIntosh said the strip's old-school charm and compact tenancies had fostered loyalty. from tenants and landlords alike.
'It's been in continuous operation for 50 years and hasn't changed hands once,' Mr McIntosh said.
'This is one of those once-in-a-generation chances that you simply don't see in Balwyn North.'
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Originally a smaller building, the arcade was transformed in the 1980s with a second storey added during a major renovation.
But it retained its classic suburban village feel, with red brick paving, intimate shopfronts and a prime location near the route 48 tram, elite schools and the Eastern Freeway.
The property has a 20-metre frontage to Doncaster Rd and visibility to more than 26,000 passing vehicles a day.
The two-storey building spans 1365sq m of lettable area on an 888sq m block, and includes a mix of retail, service and hospitality tenants.
According to PropTrack, Balwyn North's median house price has climbed more than 33 per cent over the past five years, from just over $2.1m to $2.8m.
The demand for high-end family homes and local amenity has continued to surge.
Mr McIntosh said the arcade gave a convenience meets character dynamic.
'We're seeing strong early interest from high-net-worth locals, owner-occupiers and value-add investors,' he said.
'This is the kind of investment that appeals to intergenerational buyers who understand the long-term value in location, tenancy and secure income.'
Expressions of interest close at 2pm on June 18.
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