Information Memorandum-55 Waterfield Street, Coburg
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01. Point of Interest 02. Point of View
Property Features 04. Tenancy Schedule
05. Property Particulars
06. Location 07. Appendices Floor Plan
Auction - Wednesday 15th April 2026 at 12pm on site.
Coburg has always had a clear vision for neighbourhood retail — and at 55 Waterfield Street, that clarity extends to the investment fundamentals. Sitting amongst the bakeries, barbers, and grocers that service the neighbourhood, this 89 sqm* retail freehold is securely leased to nationally recognised optical retailer OPSM, returning $32,000* p.a. + GST and outgoings.
Positioned within one of Coburg’s most tightly held commercial pockets, the longstanding tenant has recently renewed a fresh five-year lease from the 1st October 2025, reaffirming the strength of both the location and the business that’s been serving the community for years. Inside, the building delivers a clean and functional 89 sqm* footprint with heating and cooling already in place. Outside, the surrounding strip continues to evolve alongside Coburg’s growing residential catchment, meaning you’re a short walk from Coburg Railway Station, Sydney Road, and Coles, while also placed minutes from the Pentridge Shopping Centre and cinemas.
Between the national tenant, renewed lease, and tightly held precinct, it doesn’t take an eye test to spot the opportunity here.
Anthony Comand | 0408 486 335 anthony.comand@cva.melbourne
“A proven 20+Year tenant with clear vision for the next 5 years”
Curious, driven, and never without a strategy — Anthony Comand brings a fresh edge to Melbourne’s northern commercial scene. With a background in premium residential sales and fastmoving brand marketing, he knows how to win trust, negotiate smart, and keep things moving. Anthony thrives on the thrill of the deal but stays focused on what matters most: helping clients make confident decisions that stand the test of time. Straight-talker. Detail-digger. Big-picture thinker. If there’s value to uncover, he’ll find it — and make sure you’re the first to know.
“An eye for opportunity, with returns already in focus”
The key word you’re looking for is knowledge. It’s Jarrod’s established market understanding, extensive business experience and strong work ethic defined by motivation and dedication, that makes him a seasoned asset not just to CVA but to your day to day. And it’s this energy that amplifies opportunity — in Melbourne, in the market and in the minds of his clients.
While the property benefits from an established tenancy and secure lease profile, its primary strength lies in its position within one of Coburg’s most tightly held and consistently performing retail precincts. Surrounded by a well-supported mix of daily-needs operators including bakeries, grocers and service retailers, the location is underpinned by steady foot traffic and a growing residential catchment.
The immediate proximity to Coburg Railway Station, Sydney Road and key bus connections reinforces strong accessibility, while nearby anchors such as Coles and the Pentridge Shopping Centre further drive activity to the area. This connectivity and amenity support a broad range of retail and allied health uses, ensuring ongoing relevance in a market characterised by low vacancy and consistent demand.
The flexible 89 sqm* footprint with rear access provides adaptability for future tenants, allowing for a range of configurations aligned to evolving retail trends. As the surrounding precinct continues to benefit from residential growth and increased density, the asset is well positioned to capture sustained tenant demand and long-term rental growth.
With ongoing urban renewal across Coburg and continued investment in surrounding infrastructure, the precinct is expected to see further uplift in activity and amenity. This positions the property to benefit from both immediate retail demand and longer-term evolution of the area, reinforcing its role within a well-established and increasingly soughtafter commercial corridor.
TENANCY SCHEDULE
Tenant
Current rental
Lease terms
Commencement date
Further terms
Rental reviews
Outgoings
Luxottica Retail Australia Pty Ltd (Trading as OPSM)
$32,000 p.a + GST and outgoings
Five (5) years
1st October 2025
Five (5) years
CPI Annual Increases + Market review at the option
Payable by Tenant
OPSM first opened on Macquarie Street, Sydney, in 1932. Since then, they have opened more than 400 stores across Australia and New Zealand and helped 1 million Australian and Kiwi customers find their vision solution with their wide range of premium frames, lenses and advanced optical technology.
OPSM has travelled far in 90 years, from a single store in Sydney with a staff of 5, to now over 400 stores in Australia and New Zealand and around 2,500 employees.
OPSM looks further. Their dedicated professionals and optometrists use the latest optical technology to give customers their perfect vision solution by considering their unique needs, and lifestyle to make sure customers receive a customised eye-care solution.
Principle Outgoings
Site Details
Title particulars
Council Rates:
$4,627 per annum*
Water Rates: $1,200 per annum*
Land Tax (Single Holding): $1,950 per annum*
Frontage to street 5.01 metres*
Western side boundary 5.01 metres*
Northern side boundary
Southern side boundary
metres*
metres*
Total site area 89.31 sqm*
Certificate of Title — Volume 09885 Folio 836 Lot 9 034096Q
Zoning Activity Centre Zone (ACZ1)
Planning Overlays
Development Contributions Plan Overlay (DCPO1) Parking Overlay (PO1)
Municipality City of Merri Bek
All signs point to: Waterfield Street.
Waterfield Street presents a compelling opportunity for businesses seeking strong local exposure within a well-established and growing Coburg retail precinct. Here are some notable aspects and benefits of buying property in this area:
Affordable Entry Point:
Waterfield Street presents a compelling value proposition for businesses seeking a strategic foothold. Compared to major main-road retail precincts, it offers a more cost-effective entry point without compromising accessibility. This enables businesses to establish a presence with greater operational efficiency, supporting long-term sustainability and optimised cost management, particularly during initial market entry.
Strong Local Community Feel:
The area has a tight-knit neighbourhood atmosphere, encouraging customer loyalty and repeat business. Local residents tend to support nearby businesses, creating a dependable client base. This is ideal for service-based or relationship-driven businesses.
Good Street Visibility:
Waterfield Street benefits from steady passing traffic and clear shopfront exposure. Businesses can attract walk-in customers without requiring heavy marketing spend. Signage and window displays can be effectively utilised to capture attention.
Established Commercial Environment:
The presence of multiple operating businesses creates a sense of activity and credibility. Customers are already familiar with the area as a place to shop and access services. This reduces the risk typically associated with starting in an unproven location.
Secure. Established. Connected.
A tightly held neighbourhood strip offering consistent foot traffic, strong local support, and excellent connectivity. Positioned within a growing residential catchment, it provides a reliable foundation for longterm business success. AND THE POINT?
All signs point to: Coburg.
Coburg stands out as a highly attractive location for business due to its unique blend of strong local community, excellent connectivity, and ongoing urban growth. Anchored by major retail corridors like Sydney Road and supported by key infrastructure including Coburg Railway Station and nearby arterial roads, the suburb benefits from consistent foot traffic and accessibility. Its diverse and growing residential population creates steady demand for retail, hospitality, and servicebased businesses, while continued development and revitalisation projects further strengthen its long-term commercial appeal.
In addition, Coburg offers a balanced mix of established operators and emerging businesses, creating a dynamic yet stable commercial environment. The suburb’s reputation as a lifestyle destination - supported by cafes, specialty
retailers, and cultural diversity- further enhances customer engagement and dwell time. This combination of reliability, growth, and vibrancy makes Coburg a compelling choice for businesses seeking both immediate trade and long-term success.
Importantly, the suburb continues to benefit from ongoing investment in infrastructure and mixed-use developments, further increasing population density and economic activity. Its proximity to Melbourne’s CBD, combined with a more accessible cost base, positions Coburg as an appealing alternative to inner-city locations.
As a result, businesses can capitalise on strong fundamentals today while also benefiting from the suburb’s clear trajectory of future growth.
