Mentone

Project Description

"The property is situated in the north eastern corner of Nepean Highway and Oak Avenue, approximately 20 kilometres south of the Melbourne central business district. Mentone is a well established and fully developed bayside suburb of Melbourne. The site is zoned 'Commercial 2' which allows for a range of land uses such as supermarket and shop, cinema, service station, large format retail and office. The site has also been identified as a future re-zoning opportunity to allow residential development. Nepean Highway, a major arterial road that provides access between the Mornington Peninsula and the Melbourne central business district, carries large volumes of traffic and subsequently the highway frontage is well developed for commercial uses. Surrounding the property are showroom/service retail properties, large industrial properties and residential land. Following Bunnings lease surrender in mid-2018, the Trust completed in December 2018 works totalling $4.1 million to reconfigure the property for use as a large format retail centre.

Land area

25,190 m²

The total GLA/retail area

8,271 m²

Lease Commencement Date

24/9/1998

Total Property Cost

$14,413,238

Current valuation

$30,200,000

Annual Rent

$2,276,025

Project Location

Show map
...