A national retailer has transacted a large-format vacant showroom in the premier ‘MegaMile’ precinct for $5.75 million from a private owner. Sold by Rick Silberman of Savills Australia 

The Mega Mile, which spans Blackburn and Nunawading is one of the largest home and lifestyle precincts in Australia and is surrounded by a mix of high profile national retailers and excellent transport amenities.

Located at 220-222 Whitehorse Road, Blackburn, the showroom comprises a 975sqm* ground floor retail showroom on a 1,804sqm site with a significant street frontage of 27 metres along Whitehorse Road and exposure to 33,000 vehicles passing daily.

Deal at a Glance:

• Asset: Vacant Retail Showroom
• Address:  220-222 Whitehorse Road, Blackburn
• Building Description: showroom comprises 975sqm* ground floor retail showroom on a 1,804sqm site with a significant street frontage of 27 metres along Whitehorse Road.
• Sold Price: $5.75m
• Sold Rate per Building area: $4,893sqm
• Sold Rate per land area: $3,187sqm 
• Selling Agent: Rick Silberman of Savills Australia
• Vendor: Private Owner
• Purchaser: National Retailer
• Source:Savills 

The sale reflected a Building Rate of $4,893 per square metre, and Land Rate of $3,187 per square metre.

The property was sold by Rick Silberman of Savills Australia who said the store, previously leased by national retailer Natuzzi Furniture for many years had been owned by the same family since 1989.

"The Purchasers who intend to occupy the store are a national business who will no doubt be a welcomed addition to the thriving area”.  

Mr Silberman went on to say that properties along the strip rarely change hands and are typically owned generationally by Landlords given that they are located on large landholdings with flexible zoning and close to excellent transport amenity including Blackburn and Nunawading Station.

“So, when opportunities arise in such a tightly held precinct, they tend to trade quickly. This transaction so early in the year is a vote of confidence for the market in general and specifically for retail as well.

“Large-format retail demonstrated tremendous resilience throughout the peak of the Covid and in some cases certain retailers even outperformed previous years as we saw consumers comfortable with shopping in an environment, they can access easily via large car parks, utilise click and collect services and easily socially distance. 

“Further down the road at 160 Whitehorse Road, Pace Development are completing their 4 tower development comprising 263 apartments & 3,663sq m of ground level commercial and retail spaces which will add another exciting element to an already renowned precinct” he continued.