258 Charman Rd 1,938 SF Retail Building Cheltenham, VIC 3192 For Sale

Positioned in a vibrant bayside precinct, this versatile commercial property offers an outstanding investment opportunity with excellent visibility, rear laneway access, and valuable on-site parking. Currently configured as a gym, the premises spans approximately 180 m² of internal space plus a 38.5 m² backyard, featuring a practical layout with bathroom facilities, an office, and a welcoming reception area. High ceilings, split-system heating/cooling, and fitted fans ensure year-round comfort and a sense of openness.
The property is securely leased to MM Movement Pty Ltd on a 3-year term expiring 30 June 2028, with a further 3+3 year option. The lease provides a total rental income of $50,000 per annum as of 1 July 2025, with fixed annual increases of 3.5% and a market review in the first year of any further term. This strong lease covenant delivers immediate income stability while offering long-term upside through future rental growth.
Located just steps from Cheltenham Railway Station and well-serviced by bus routes, the property benefits from exceptional connectivity and proximity to a wide range of amenities. Its adaptable footprint suits a variety of future uses, including professional suites, medical consulting, boutique office, salon, or specialty retail, making it a compelling choice for investors seeking both security and flexibility.