Prime retail property with long term lease.
GrayJohnson is pleased to bring to auction an outstanding property in the heart of Cheltenham's busy Charman Street retail precinct.
The "Saltimbocca" Italian restaurant has been a favourite with locals for more than ten years and has attracted excellent reviews and several awards. With a 6 year and 5 month lease commencing in January 2023 and two further 5-year options, this represents an excellent opportunity for the investor to acquire a property with a bright future in a burgeoning southern suburb.
The opportunity
Land area 201 sqm*
Building area 140 sqm*
Recently renewed 6 years & 5 months lease + two further 5-year terms
Returning $51,917 pa net + GST & Outgoings
5.50m* frontage to Charman Street
Dual street frontages with rear laneway access
Full commercial kitchen and associated amenity
Front and rear dining areas for 60 patrons*
Recently expired planning permit for first floor addition effectively doubling the floorspace
Off street car parking at rear
Prime position within the proposed Suburban Rail Loop corridor
The location
Activity Centre Zone - Schedule 1
3-minute walk* to Cheltenham Station
Busy retail strip in suburb's main street
Close to Nepean Highway & Centre Dandenong Road
Charman Street is the main street of Cheltenham and is located in a government proclaimed Activity Centre.
The area is undergoing gentrification with the prospect of significant residential development in association with the proposed suburban rail loop. With Cheltenham station just three minutes'* walk from the subject property there is a strong future upside to this investment with council likely to welcome further development.
The property is the subject of an expired planning permit that allowed for the addition of another storey to double the floor space. This demonstrates the strong potential to value add with residential development above the ground floor retail.
*approx
