‘Once-in-a-multigenerational’ Hyde Park shop to be auctioned

The sale of former fashion institution WildChild Stylelab is attracting unprecedented attention, with overseas investors among those showing interest in the prominent King William Rd building.

The Hyde Park listing has received almost 75,000 online views ahead of its auction this month – a number unheard of for a commercial property, said selling agent Thanasi Mantopoulos, of LJ Hooker Mile End-Woodville.

“For a commercial listing, that (number of online views) is extremely high,’’ said Mr Mantopoulos, who is selling the expansive 230sqm shop space with Justin Peters.

“It’s the fact that it’s an institution and a landmark that’s created a bit of hype (around the sale).

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The Hyde Park property at 169-171 King William Rd was home to fashion boutique WildChild for more than 30 years.

It’s in a prominent position on the popular strip, which is known for its cafes, restaurants and boutique shops.

It includes three shopfronts as one.

“It’s been held by the same owner for four decades so once someone purchases it, I don’t think you will see the property go to market again in my lifetime.

“It’s a once-in-a-multigenerational opportunity, just due to its location and the fact it’s three units (shopfronts) being sold as one.’’

Mr Mantopoulos said there had also been a surprisingly high level of interest from opportunistic buyers, who were not previously looking to purchase but saw the building’s sale signage having “walked or driven past (the property while in the area) having a coffee’’.

WildChild, which opened its doors in 1990, was one of Australia’s longest running independent clothing boutiques when it closed late last year, 18 months after the death of founder and Adelaide fashion icon Carol Foord.

Ms Foord, who had battled cancer and the symptoms of motor neurone disease, previously operated clothing boutique Tofs at the same premises in the 1980s.

Mr Mantopoulos said a mix of investors and owner-occupiers, including from interstate and overseas, have expressed interest in the building.

It offers a substantial 16.9m of continuous shop frontage to King William Rd and has a charming character façade wrapped in established vines.

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There has been plenty of interest in the site since it hit the market.

Its highly-anticipated auction will be held on Wednesday.

It is being sold without a price guide.

He said those inquiring about the building had discussed using it as a space for buyer’s agents, restaurants and cafes, or retaining it for retail purposes.

The property is zoned suburban main street, allowing for a wide range of commercial use.

“It’s very hard to predict (what the eventual buyer will do) because the interest has been really good from all kinds of different buyer types,’’ Mr Mantopoulos said.

“It’s really anyone’s guess to what it will be.’’

No price guide for the property has been released.

Potential lease income has also not been disclosed, however Mr Mantopoulos expected an investor would stand to earn up to 50 per cent more if the building was reinstated to three separate tenancies rather than retained as one.

“It’s one of the best landmark properties for someone to add to their portfolio,’’ he said.

“It’s not too far up towards the city where it’s a bit more commercial. Here, the vibe is different.

“There’s restaurants and coffee shops nearby and across the road there’s other boutique shops.

“They’re not making any more retail strips like King William Rd anymore.’’

The property will be auctioned on at 12.30pm on February 18.

– by Lauren Ahwan