A bygone bustling centre for the community crying out for fresh eyes and TLC
“Most unique listing I’ve ever had”: long time real estate agent provides unexpected opportunity for culinary capitalists.
South East
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Investing in commercial real estate is not a new method of creating a passive income pathway, but not too many people have a food court in their portfolio.
In an unusual investing opportunity, a Dandenong food court has served up a perfect moment for a different kind of asset.
The hub arcade food court has been listed for sale by Cameron Real Estate, offering up 233sq m with five shop fronts and an entire seating area included.
Cameron Real Estate agent, John Guastella, said this is the “most unique listing” he’s ever had.
“I have never had a listing like this before, and I likely never will again,” Mr Guastella said.
What was once a bustling centre of the Dandenong community, is now a prime opportunity for an investor to reconnect the space with local shoppers.
“Dandenong has changed significantly over the last 20 years,” Mr Guastella said.
“There used to be people coming through the town all the time from more rural areas. Since there has been regional town developments, people don’t need to travel so far to get their basic necessities and so Dandenong has become more of an outer suburb of Melbourne than a town central for regional communities.”
Mr Guastella said the potential for the food court lies in its availability to the local community.
“We just need someone with a really great idea and a plan to back it up,” he said.
Interest in the food court has started to kick off, with community groups looking to purchase the space and redevelop it to be more user friendly.
Owner Stephen Rodgers, purchased the food court around 15 years ago.
Mr Rodgers said the pandemic has made the maintenance of such an investment difficult.
“Covid and everything else made it really hard for businesses to run,” he said.
Now in his 70s, Mr Rodgers is looking to sell the space to someone with a clear vision.
“I really would love if the space would be used for the local community — there are so many ideas that could be put into place here, it just needs the time and effort,” Mr Rodgers said.