Auction for CBD sites
Properties for sale on main street
TWO major shops on the main strip of Roma’s CBD will go under the hammer in Melbourne next week as part of a major auction.
The Bakearoma building and the Reject Shop site on McDowall St are now for sale through Burgess Rawson, with the auction to go ahead next Wednesday.
The properties, along with every other building on the block, are owned by the prominent Garvie family.
Lead agent Jamie Dewe said the three businesses housed in the two sites still had plenty of years left on the lease, and were among the Roma CBD’s best businesses.
“The bakery still has a remaining five years on the lease, plus options to 2031. They’re a long-term Roma business,” he said.
“The properties offer attractive terms for prospective investors, with three per cent annual rental increases, and tenants paying all outgoings as per the lease.”
Mr Dewe said the interest in the properties had been strong from investors, as well as residents wanting a piece of the main street.
“There’s been a fair bit of interest from local people looking at it (but) there are also a couple of out-of-towners,” he said.
“More and more buyers are starting to recognise the merit in regional assets such as these.
“Lower prices compared to their capital city counterparts mean that they offer value that is scarcely found elsewhere.
“The properties also represent a highly secure investment, with occupants who typically stick around for the longhaul.”
The properties were bought by the Garvies in 2005 and 2009, according to RP Data.
For more information about the auction, call Jamie Dewe on 0410 350 273.