News release

Armadale building in the heart of High Street retail strip comes to market

JLL lists classically designed double storey retail/office freehold in Armadale

November 04, 2021

Nick Peden

Director, Capital Markets – Victoria
+61 402 011 266

MELBOURNE, 04 November 2021 – A fully leased building to two tenants has come to market in Armadale, Victoria presenting investors with the opportunity to secure an asset on one of Melbourne’s most highly sought-after retail strips.

JLL’s Director of Capital Markets- (Victoria) Nick Peden, Executive Director Josh Rutman, Executive Tim Carr and Associate MingXuan Li, have been appointed to sell 716-718 High Street, via a public auction with expected bids to be more than $2.5 million.

Red Moon Contemporary Art Glass Gallery occupy the ground floor. Their Art Glass Sculptures and Art Glass Jewelry are handcrafted tangible treasures. Red Moon Art Glass Gallery has established itself in Melbourne as a one-of-a-kind destination for the best in modern and contemporary art glass art.

Occupying the first floor for more than a decade is Devcos International. The business provides cutting-edge technology in sourcing, formulation, packaging, branding, warehousing, and logistics.

716-718 High Street generates a net income of approximately $123,657 per annum with annual rental increases. Both tenants have committed to new three-year leases with options.

Mr Peden said, “Assets of this nature rarely come to market and 716-718 High Street is strategically located to benefit from the vibrancy of the immediate precinct.  The property provides for high quality investment fundamentals, and a low risk profile given dual tenant occupancy.”

Mr Rutman said, “The valuable land component of the site that presents prominent frontage to High Street and valuable rear carparking and access via Waldie Lane, benefits from its flexible Commercial 1 zoning in the heart of Armadale, allowing for a vast range of development and value-add opportunities to be considered.”

Entry to the property is via the ground level from High Street which leads into the recently refurbished retail space that comprises polished timber flooring and high levels of natural light throughout.

Level 1 is accessible via either its own dedicated entrance on High Street or via the rear car park, which leads into the open plan office accommodation, featuring multiple workstations, private meeting rooms, boardroom and a private balcony space at the rear of the whole office floor.

716-718 High Street is located within the vibrant and tightly held retail strip of High Street, complemented by a myriad of cafes, restaurants, hospitality, and high-end retailers in the immediate precinct.

The immediate location is undergoing significant development, with ‘The Hampden’ by Rob Mills Architects under construction on High Street and a 5-level project also under construction directly across the road. The Orrong Hotel has also undergone a complete refurbishment recently and will prove to be a major anchor for the precinct.

“Armadale is one of Melbourne’s leading suburbs predominantly characterised by residential, retail and commercial uses. The presence of complementary services and facilities and the ease of transport has enabled house prices to continue to rise underpinned by strong demand for residents looking to buy and live in the affluent suburb,” Mr Peden said.

“The median house price in Armadale is approximately $2.6 million representing strong growth since 2015 and over one and a half times higher than the metropolitan Melbourne average. The median unit price is around $710,000, having grown significantly over the past five-years,” Mr Rutman said.

“The rise of house and unit prices in Armadale is supported by the strong demographics of the suburb, together with the presence of strong complementary services and amenities as well as the existing vibrant local community,” Mr Peden concluded.


About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.