A BLOCK of shopfronts in Kangaroo Flat has received interest from investors after being put up for sale last week.
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Property Plus Real Estate director Nathan Diss said the bank of stores that took in 141 to 149 High Street had a price tag of $1.5 million and was a good opportunity to invest in an area where commercial properties were often tightly held.
"The owner has had these stores for over 20 years," he said. "A lot (of stores in High Street) are owned by one owner or have a couple of shops on one title. There have been held for a long time.
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"There's five tenancies (on this listing) and compared to the Bendigo CBD, Kangaroo Flat hasn't had too many dramas filling shops. I don't think any are up for lease in the main street.
"We have had quite a a bit of interest with buyers from Melbourne, and some local interest. In the current climate, we didn't know how it would go but there would have been more than 10 inquiries in the first week.
Mr Diss said the barber, new age and noodle stores had a heritage listing attached to them but that the 800 square-metre block also fronts Smith Street.
"High Street is quite a busy little shopping strip," he said. "Some of the takeaway stores have always done really well, the butcher shop has been there for 15 or 20 years.
"Eaglehawk is very comparable but having the bigger retailers like IGA, Aldi and Chemist Warehouse together in Kangaroo Flat means there is no need to go into Bendigo unless you really want to.
"The strength in a lot of commercial investments is leases in the place. The old ANZ building has a radiology business in it now (and) they're going gangbusters because other places in town have waiting lists. It's filled a need there."
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Mr Diss said Kangaroo Flat had also seen a slow and steady grow in residential sales over a number of years.
"There has been a slow burn. I think Kangaroo Flat, residentially, was undervalued before COVID. It is really good value," he said.
"The scarcity of properties across Bendigo, including Kangaroo Flat, pushed prices up during COVID. The buyers that are coming to Bendigo, Melbourne buyers in particular, do like to be in the Kangaroo Flat and southern side of town.
"The train station is getting busier and busier and we are seeing a lot of smaller weatherboard properties close to the station being renovated and rejuvenated."
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