Two established Camberwell newsagents close within two months of each other

Two Camberwell newsagents who have been operating for more than 20 years in the Burke Rd area have closed down within two months of each other. And it’s a familiar story as to why.

The newsagent at 628 Burke Rd in Camberwell shut on January 20. The site has now been sold. Photo: Julian Smith

Two large and established inner eastern suburbs newsagencies a few hundred metres apart have shut down within two months of each other.

Both Camberwell Centre Newsagency at 628 Burke Rd and Camberwell Market Newsagency at 511-513 Riversdale Rd had been in operation for more than 20 years.

The Camberwell Market Newsagency shut in November. Photo: Julian Smith

The shut in January and November respectively.

Camberwell Centre Association vice president Ray Orr said it was “really tough there at the moment”.

“It is a sign of tough retail times,” he said.

“Newsagencies are having to compete with online reading of newspapers and that sort of thing.”

The Burke Rd newsagency, which also had an entrance from the Market Place carpark, was recently sold by its owners of more than 50 years for $4.28 million.

Fitzroys agents Chris James and David Bourke, who were in charge of the sale, said it represented a confidence in the prospects of Burke Rd and the surrounding retail precinct.

“The Burke Rd retail strip services an affluent and large catchment, in an accessible location within the Camberwell Junction precinct, and is the shopping and lifestyle heartbeat of Melbourne’s inner-east,” Mr James said.

Camberwell Central Newsagency at 628 Burke Rd, Camberwell, has closed after 25 years in business. The site was recently sold for more than $4 million.

The new owners intend to split the site into two tenancies by removing its four levels with ramps to make a larger Burke Rd ground floor area and a separate site at the back.

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“The purchaser was seeking a high-quality retail strip asset in a proven trading location within an affluent and loyal catchment, and with a bright outlook for rental growth,” Mr Bourke said.

“Medium and high-density residential development has fuelled a population surge in Melbourne’s inner-east, increasing the immediate catchment and boosting trade.

“This has underpinned inquiry from investors, owner occupiers and tenants alike, and the vendors recognised the present environment provided an opportunity to get the best possible return on their generational asset.”

The Riversdale Rd site is expected to announce a new tenant soon.