Image: 30-36 Eaton Mall, Oakleigh
In one of the most hotly contested auctions Melbourne has seen in recent years, a landmark retail property in the heart of Oakleigh’s bustling Eaton Mall has sold for $12.1 million – setting multiple records and underscoring the surging demand for blue-chip retail assets.
Offered to the market for the first time in nearly three decades, the prime corner site at 30-36 Eaton Mall attracted more than 200 attendees and fierce bidding from a field of high-net-worth investors before finally being secured at a razor-sharp 2.58 per cent yield – a new low for the tightly held strip.
The sale marks the largest ever transaction on Eaton Mall, and only the fourth property to change hands on the strip in over 15 years, cementing the asset’s reputation as a trophy investment in one of Melbourne’s most in-demand lifestyle and hospitality precincts.
“This is a true once-in-a-lifetime opportunity to acquire the premier corner of Eaton Mall,” said Raphael Favas of Cushman & Wakefield, who handled the campaign alongside colleagues George Davies, Daniel Wolman and Leon Ma.
Sitting on 867 sqm* across two titles and boasting more than 60m* of prized mall frontage, the heritage-listed building has a storied past – having once housed the State Savings Bank – and now hosts ASX-listed Chemist Warehouse, alongside three other tenants.
George Davies noted the rarity of such a sale in Eaton Mall, saying:
“This is only the third property to hit the market in the past 15 years, which speaks volumes about how tightly held and fiercely protected this retail strip is. With an average yield of 2.93% over that period, this result at 2.58% really shows the strength of demand for premium retail in Melbourne.”
The property had been held by the same Melbourne-based private family for nearly 30 years, making its return to market a significant moment for both the local community and commercial property circles.
