Two neighbouring commercial properties will be auctioned off by Ray White in one of Melbourne's most prestigious suburbs. 

The properties are located in the leafy suburb of Ivanhoe, in the city’s North-East, at 213 and 215 Upper Heidelberg Road.

One of the properties has a five-year lease, which commenced in March 2018, with an optometrist.

The other property is by a café, which has a three year lease, with an option for a further three years, that began in May 2017.

The two properties have a combined total building area of 301 square metres and a combined annual rent of $106,480, however the freehold investments are on offer individually.

Ray White Oakleigh Commercial are marketing the asset through Ryan Amler, Theo Karkanis and Joshua Colosimo.

Mr Amler said Ivanhoe had a reputation as one of the most tightly-held in metropolitan Melbourne.

“These properties continue to tick all the boxes for what someone would want when it comes to buying investment property,” he said.
 
“The vacancy rates in the strip itself continue to be extremely low year-upon-year, and this is underpinned by an abundance of nationally recognized retailers and complementing businesses surrounding these investments.
 
“These are perfect investments astute investors talk about daily due not only to the excellent return they offer, but also the future capital growth the properties will benefit from.”

Ivanhoe is home to three schools – Ivanhoe Primary School, Ivanhoe Grammar School and Ivanhoe Girls’ Grammar School – and boasted a median house price of $1.46 million in 2018.

Mr Colosimo said the suburb’s profile and transport connectivity were clear positives of purchasing in the area.

“These two freehold retail investment properties are well serviced and easily accessible via Heidelberg Road, Bell Street, Hoddle Street and the Eastern Freeway,” he said.
 
“Transport via car to the Melbourne CBD via Hoddle Street and Heidelberg Road is between 16-24 minutes* depending on time of day and traffic conditions.

“The properties are in the city of Banyule, 10km east of Melbourne’s CBD, complemented by nationally recognised businesses such as Westpac, ANZ, Woolworths, Coles Supermarket and Chemist Warehouse.”

Mr Karkanis said the flexibility of being able to buy either one or both of the properties, and the prospect of developing them in the future, made the assets an attractive investment.

“The assets offer main road exposure in a highly sought-after and thriving retail strip and have a high volume of vehicles passing each day,” he said.

The auction is onsite on Thursday, May 16 at 11am.

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