Latest news with #Fitzroys
News.com.au
11 hours ago
- Business
- News.com.au
Surprise Woolies and IGA listings spark buyer rush
A forgotten Woolworths in Melbourne's west and a humble IGA in the northeast have become the city's unlikeliest property powerhouses, and savvy investors are already circling. The two suburban supermarket sites – one vacant, the other trading under lease – have been owned by local families for decades. Now, for the first time in up to 40 years, they're hitting the market with agents expecting serious competition from developers, land bankers and big-brand retailers chasing a slice of Melbourne's growth corridor action. At 39 Borrack Square, Altona North, a sprawling 1871sq m self-contained building once home to Woolworths is being offered with vacant possession. The site features a rear loading dock, cool rooms, amenities, offices and three street frontages, forming the heart of the Borrack Square convenience precinct. It's the first time the property has been publicly offered in 25 years. Fitzroys agents Ervin Niyaz and David Bourke are marketing the former Woolies, calling it a 'rare opportunity' in one of the west's fastest-changing neighbourhoods. 'We're expecting interest from supermarket operators, large format retailers, and repositioning specialists,' Mr Niyaz said. 'It's surrounded by strong foot traffic drivers like Chemist Warehouse, Australia Post, TAB and the Millers Inn, and sits directly opposite a large public car park.' The location is further buoyed by the soon-to-be-completed West Gate Tunnel, which will offer a crucial alternative to the West Gate Bridge and improve commuter access across the western suburbs. Mr Niyaz said the property could be re-leased as-is or repositioned, with the surging population and workforce in Altona North, including the nearby Myer distribution centre, Toyota R & D facility, and Mobil refinery adding to its appeal. 'This is the kind of asset you buy now and thank yourself for later,' he said. Over in the northeast, Fitzroys' Chris Kombi, Chris James and Ben Liu are handling the sale of 90-94 Lower Plenty Rd, Rosanna, a long-held supermarket investment with strong holding income and future redevelopment upside. The 540sq m building is currently occupied by a high-performing IGA + Liquor and features a licensed Tattslotto outlet built into the checkout area. It's on a generous 737sq m Commercial 1-zoned block, with rear access, seven on-site car parks, and a commanding 16.4m street frontage. A price of $3m-plus is expected. 'The property has been in the same family for 40 years and has operated as a supermarket for more than 60,' Mr Kombi said. 'It presents a rare dual benefit, you're getting immediate rental income plus the long-term potential to redevelop in a rising location.' The IGA is on a 5+5-year lease from November 2022, providing holding income while buyers explore their options. The property sits within Rosanna Village's popular shopping strip, close to Chemist Warehouse, Australia Post, cafes, fitness centres and takeaway outlets, and just a short walk from the recently rebuilt Rosanna train station. 'This is a classic landbanker's dream,' Mr Liu added. 'You've got walkability, a high-growth catchment and zoning that allows for future flexibility.' Recent high-density apartment builds in Rosanna have transformed the area's demographics, bringing in more young families, professionals and higher property values.
News.com.au
03-06-2025
- Business
- News.com.au
Melbourne CBD property with former cinema history hits market for $4.5m
A former silent cinema site in Melbourne's East End could be reborn as savvy investors circle a rare dual-frontage property on Bourke St. The ground floor and basement of 151 Bourke St, which opened in 1916 as the Empire Picture Theatre, has hit the market with a combined price tag of $4.5m. The site offers rare vacant possession and dual frontages to both Bourke St and Coromandel Place. Fitzroys agents Chris Kombi, Lewis Waddell and Ben Liu are handling the listing and said the space has already drawn interest from bars, gyms and luxury retailers looking to tap into the CBD's rising foot traffic. 'It's in that sweet spot between Bourke Street Mall and Chinatown, where things are buzzing again midweek and into the weekends,' Mr Kombi said. The ground-floor space spans 185sq m with over seven metres of Bourke St frontage, while the 364sq m basement is self-contained and separately accessed from the rear laneway. Both levels are being offered individually or together, and include toilets and airconditioning. While the cinema's original detailing is long gone, the site's century-long evolution adds depth and intrigue. The building first opened in 1916 as the Empire Picture Theatre, one of Melbourne's earliest purpose-built cinemas. It was later transformed into the Centenary Palace dance hall, and in the 1930s was remodelled by architects Oakley & Parkes, best known for designing the Shrine of Remembrance, into a Malcolm Reid department store. The listing comes as new Fitzroys analysis shows retail vacancies in the CBD have plunged from 14.1 per cent to 6.1 per cent in two years, driven by a surge in food, beverage and entertainment tenancies. Hospitality operators now make up 47.4 per cent of new Melbourne CBD retail tenants, up from just 34.1 per cent at the start of 2023. Mr Kombi said the East End of the Melbourne CBD had become a focal point of activity, particularly with the completion of nearby developments including the Maison Bâtard restaurant, Melbourne Place Hotel, and Merivale's proposed multi-level precinct. 'We're seeing strong pedestrian flows,' he said. 'Workers during the week and tourists on weekends. 'Vacant possession gives buyers flexibility, and that's rare in this part of the city.' The site is not heritage-listed at street level, making it easier for buyers to renovate or reposition the facade, and while no liquor licence is currently in place, Mr Kombi said the zoning allowed for a wide range of uses subject to council approval. Fitzroys has received enquiries from both local buyers and offshore investors, particularly from mainland China. 'There's no doubt the CBD is back,' Mr Kombi said. 'And buyers want to be part of what comes next.' Expressions of interest close 3pm, June 18.
