670-672 Maroondah Highway, Coldstream shopping centre up for sale for first time in 40 years

A shopping centre in Melbourne’s east, which sits on more than 1ha, has been listed for sale for the first time in four decades.

The Coldstream shopping centre has been listed for sale. Picture: Noble Knight Real Estate

A shopping centre in Melbourne’s east, which sits on more than 1ha, has hit the market for the first time in four decades.

The family run Coldstream shopping centre on Maroondah Highway — whose main tenants include a medical centre and Foodworks — was listed for sale in June, bringing a 40-year run of serving its local community to an end.

Noble Knight Real Estate agent Damian Ford said the site was built and operated by a family who are ready to move on.

“The time comes for every family to move on and let new owners create a new future for the property,” he said.

Mr Ford said there was plenty of potential for the site. Picture: Noble Knight Real Estate

There are a number of existing tenants inside the shopping centre. Picture: Noble Knight Real Estate

Mr Ford said there was plenty of potential for the commercial site.

“It has some of the highest visibility for any property in the Yarra Valley,” he said.

“There is plenty of open space, not including the carparking, for development on the site.

“You could add a super clinic health service or a childcare or more speciality shops, with residential space up top.”

The Coldstream shopping centre sits on more than 1ha of land. Picture: Noble Knight Real Estate

The shopping centre has an existing tenant base which includes Foodworks, the Coldstream Pharmacy, a post office, hairdressers and a medical centre.

Mr Ford said the addition of 63 new homes — adding to a 700 home estate surrounding the — would help attract potential new retailers to the centre.

Expressions of interest for the 670-672 Maroondah Hwy site are open.