Blue-Chip Retail Strips are Highly Sought After
Former bank with bank vault at 1/121 Maling Road, Canterbury attracted great interest with its charm and commanding position on Maling Road. A variety of businesses showed interest from food and beverage operators to jewelers to architects. The pharmacist was eventually chosen due to their stability and tenure on the strip. “The 118 sqm property received a great amount of enquiry even though it was listed during the COVID-19 lockdown. The pharmacist was selected based on their 10 year tenure on the strip to date on a 10 year lease with a commencing rent of $55,000 net per annum. The building is now fully leased following the recent deal struck at the neighboring shop some weeks ago. Another example of activity in the retail sector whereby tenants are looking to secure long term agreements. Blue-chip retail strips still attract plenty of interest and activity,” commented Nathan May.