Bensons Retail Strip Property Fund remains active with the recent acquisition of five properties in Melbourne’s inner suburbs.

The $9.85 million site at 672 Glenferrie Road, Hawthorn forms part of the Don Arcade and adjoins Glenferrie Square with a Safeway supermarket as the anchor tenant. Located close to Glenferrie Railway Station and Swinburne University, it enjoys a high pedestrian traffic flow. Refurbishment and a new tenancy mix will add substantial value to this investment.

In Armadale, the Fund has acquired a $6 million single level building located at 948-960 High Street. Bensons will fully redevelop the site into an exciting new retail and office complex that we estimate will be worth $25 million. The Fund has also purchased a $2.3 million securely leased property at 1033 High Street.

In the Camberwell Junction precinct, the Fund also added two adjoining sites for $9.79 million. A complete redevelopment of the properties situated between 116–144 Camberwell Road, Hawthorn East, into a retail and office complex will result in an estimated on completion value for the project of approximately $42 million.

In another strategic move, the Fund has also purchased a property at 188 Bay Street, Port Melbourne for $4.6 million. This property adjoins the Fund’s other asset at 178 Bay Street. Together, these properties provide a major strategic holding for the Fund in a key Melbourne retail strip with a 35-metre frontage on Bay Street.

All of these recent acquisitions occupy prestige street frontage and offer strong potential for improvement using our team’s development and management expertise. They reflect the investment strategy of the Fund to offer investors a unique and exciting opportunity to gain exposure to the significant and lucrative $70 billion retail property market in Australia’s key retail strips.