Popular Melbourne nursery-cafe hits the market
Acorn Nursery, a popular plant nursery with a cafe, gift store and pretty floral street frontage, has been a hot spot among locals for decades. But its future is in doubt, with the property listed for sale for the first time in almost 40 years.
The 3035-square-metre plot, located on busy Canterbury Road in Surrey Hills, is residentially zoned, and boasts a “rare combination of high-profile street corner frontage and the scale of land”.
It is expected to attract interest from different buyer profiles, including those based locally and offshore, according to JLL agents Mark Stafford, Jesse Radisich and MingXuan Li.
The triple-fronted property with on-site parking sits at 669-673 Canterbury Road, between Beatrice Avenue and Sydenham Lane, and next door to Surrey Hills Primary School.
Stafford said the asking price was around $8 million, based on land worth and sales around the area.
“They’re selling and open to discussion and talk with the market,” he said.
The future of the nursery, which opened in 1985, has even the agents guessing. Possible outcomes include a townhouse development, medical centre, childcare or aged care, or an expansion for the nearby primary school, Stafford said.
“There are only a few spots where the school could expand,” he added.
However, the owners, keen to continue trading to retain staff and loyal customers, have offered buyers immediate income through a short-term lease back to the business, potentially safeguarding the popular business for another year or so.
“The owners would love someone to buy it so they could continue trading,” Stafford said. “They have a business they want to keep running.
“They have staff and a loyal customer base and want to continue for them to enjoy it.
“It should be a really interesting test case. It will be really interesting to see who has the most creative vision.
“Surrey Hills is a very attractive area for families,” he added, “thanks to nearby retail and school amenities, plus the benefit of the recently upgraded Union train station being just 350 metres away.”
The property is open to expressions of interest, which close at 2pm on September 10.
