Croydon area retail site expected to fetch high price

November 3, 2018 by  

Expressions of interest in a retail site close to the suburb of Croydon are currently being called for by real estate agent Colliers International.

The site, on Maroondah Highway in Ringwood, is expected to be sold for over $4 million due to its proximity to key urban amenities and opportunities for expansion.

At 890 square metres and with five retail spaces, 229 to 231 Maroonday Highway is one of the larger sites to go on sale in the area in recent years. Being only a short walk to both Eastland and Ringwood train stations, its accessibility will be a strong factor for prospective buyers who may wish to convert it into a mixed use development.

Colliers International associate director Andrew Ryan told Leader Community News there had already been several expressions of interest from local and international developers. He said:

"It’s definitely a unique opportunity that will be hard to come by again."

New retail occupancies may lead to extra demand for local banner printing services. Redevelopers will be able to build up to eight storeys under draft guidelines from Maroondah Council’s Ringwood Metropolitan Activity Centre masterplan. Currently, a ten storey development is already underway next door to the site.

Colliers International said the current retail tenants have leases until 2020 and the sale should be finalised not long after November 15 when expressions of interest close.