Century of history on the block at Maling Road shopping strip
A Melbourne icon is up for sale for the first time in more than 100 years, in a shopping village where properties almost never change hands.
Just nine shops have been offered for sale at Canterbury’s Maling Road strip in the past decade, but now it’s the most tightly held of them all that’s on the market, with Australia Post selling off a famous corner site.
Maling Road’s former post office, on the corner of Canterbury Rd, was built in the early 1900s and has been under the same ownership for more than a century, but will finally be offered to the market at an auction on May 19.
The 930sqm island site is tipped to sell for around $6 million, with both local and foreign investors expected to come calling for the two-storey building.
Colliers International’s Tom Noonan, Tim McIntosh and Ben Baines have been appointed to sell the property, with Noonan highlighting just how rare the sale will be.
“This is the first time this trophy asset, within what is arguably Melbourne’s most iconic retail shopping village, has been offered to the market in more than a century,” Noonan says.
“The property is the epitome of a trophy asset, having been under the same ownership for over 100 years. Over that time it has provided a strong income with long-term security and will continue to do so for generations.”
Five tenants now call the heritage-listed building home: The Maling Room cafe, Bendigo Bank, Tim’s Bookshop, Nourish on Maling and Micky Junior Shoes.
And even they are rusted-on components of the Maling Road fabric.
“Three of the five current tenants have been occupants for over a decade,” Macintosh says.
“The property has experienced almost zero vacancy since 2003, as is typical for retail properties in the prime Maling Road Village precinct.”
“Four of the tenants have signed new leases in the last 12 months, providing a secure income over the immediate, medium and long-term.”
The building remained a post office until 1996, and is metres from Canterbury railway station and Canterbury Gardens.
“Canterbury is a prestigious inner eastern suburb that has long been a popular residential destination given it is only 8km from the Melbourne CBD and boasts outstanding amenity, including numerous elite private schools in close proximity, attractive parklands and recreation ovals, considerable retail amenity and an abundance of public transport,” Baines says.