Shopfront in Melbourne’s far eastern Croydon suburb sells for $750,000

A leased shopfront in Melbourne’s Far East has been snapped up by a local investor for $750,000, highlighting the affordability of the city’s far eastern suburbs.

The 71 Wicklow Avenue property in Croydon is leased to Linear Hair Salon for one year, with another one-year option to renew.

The retail asset was sold in an off-market deal through Colliers International’s Jackie Hanna.

She said the $8,333 rate per sqm for the 90 sqm corner shop was a “great result” for a freehold under a short-term lease.

“We received significant local enquiry for this asset,” she said.

“Investors saw the upside potential given the property’s proximity to the local shops and train station.”