Gross Waddell ICR is pleased to offer for sale 185 Carlisle Street, Balaclava, a high-quality retail investment positioned within one of Melbourne’s most tightly held lifestyle precincts. Securely leased to acclaimed artisan operator Baker In The Rye, the asset delivers a compelling combination of income security, strong underlying land value and long-term growth potential.

Strategically located directly opposite the proposed Coles redevelopment and surrounded by an established mix of national retailers, the property benefits from consistent foot traffic and a proven retail environment, reinforcing its position as a premium inner-city investment.

Key Investment Highlights:

• Securely leased to established artisan operator Baker In The Rye

• Net rental income of $110,000* per annum

• New 5-year lease commencing November 2025 plus 2 further 5-year options

• Fixed 3% annual rental increases with market reviews at options

• Impeccably refurbished building of 200sqm* with high-quality finishes

• Substantial 250sqm* landholding with valuable dual street frontage

• Directly opposite the proposed Coles redevelopment, set to drive ongoing activation

• Surrounded by leading national retailers including Coles, Woolworths, Chemist Warehouse, Grill’d, Hunky Dory, Schnitz, Priceline Pharmacy and BWS

• Positioned within the core of Carlisle Street’s established retail and hospitality precinct

• Immediate proximity to Balaclava Train Station

185 Carlisle Street, Balaclava is offered for sale via onsite Public Auction on Thursday 21st May 2026 at 2:00pm.

For further information or to arrange an inspection, please contact Gross Waddell ICR directly.

*approx.