Savills Australia is marketing a quality retail freehold with exceptional development potential at Armadale in Melbourne’s inner east. The property will be sold by Expressions of Interest closing Thursday, 18 May at 2pm and is expected to fetch more than $5.5 million.

The 941-951 High Street property comprises a single level, high quality retail building in excellent condition which takes up the full and generous 809 square metre, Commercial 1 zoned site with frontage to High Street of 20 metres.

According to exclusive marketing agents from the Savills CBD and Metropolitan Sales team, Savills Nick Peden, Clinton Baxter, Jesse Radisich and Benson Zhou, the property will be sold subject to a short term leaseback to antiques retailer, Capocchi.

Mr Peden described the property as a prime opportunity enhanced by significant development potential located in the heart of one of Melbourne’s most affluent suburbs.

“This is one of those opportunities that comes up very rarely presenting an extraordinary investment as it is, but then also offering significant redevelopment potential given the zoning and the resounding success of other development ventures in the precinct,” Mr Peden said.

Mr Baxter said the location was a key attribute in determining the property’s value and its potential.

“The property occupies a premium location with its position in High Street Armadale - regarded as Melbourne’s most high profile, luxury shopping strip – opposite Armadale Railway Station, and within close proximity of Glenferrie Road retail and Malvern Central Shopping Centre and some of Melbourne’s best schools.

“It is also a proven location for luxury apartment projects supported by a high median house price of $2.46 million and some of the highest apartment sales rates in Melbourne,” Mr Baxter said.

Mr Radisich said the property also offered significant underlying land value with future development outcomes that could include a mixed-use residential and retail opportunity.

“The flexible Commercial 1 zoning provides for a range of development options with respect to the City of Stonnington’s plans for the precinct.

“The Glenferrie Road/High Street Activity Centre Structure Plan encourages higher density development including shop-top development and a mix of residential, commercial and retail uses,” Mr Radisich said.

Mr Zhou said the property‘s key attributes included:

• A large high quality retail freehold
• Extensive frontage to High Street
• Huge underlying land value
• Flexible zoning
• Short term leaseback
• Premium, sought after location
• Proven location for luxury apartments
• Rare investment and development opportunity