Melbourne is currently in the midst of generational change, where people who bought property in the 1950s and 1960s are now estate-planning and selling properties in order to divide the proceeds between children and grandchildren.
Two stores at 189 and 191 Glenferrie Road, Malvern, with a price guide of $6 million, are a good example of that. The matriarch of the owners’ family died and the members decided to dissolve the estate, sell the building and divide the proceeds.
“They’re now selling two wonderful shops, one taken up by Solomon Lew for one of his businesses and the other is the well-established food business Remy Bar de Tapas y Vino, with an office and an education business upstairs,” said MMJ Real Estate Melbourne agent Joel Wald, who’s also selling another retail property at 362-264 Little Bourke Street.
“There is generational change at play at the moment, but often you find a family sells and another member of the same family buys. People like this kind of investment.
“People love strip shopping and particularly at times of COVID when it’s nicer to be out in the fresh air than within an enclosed shopping centre.”
Read the full article featured on https://www.commercialrealestate.com.au/news/strong-appetite-buyers-of-retail-outlets-unfazed-by-melbournes-fourth-lockdown-1059979/