Feb 10 2018Add to Favorites
Teska Carson (9421 7000) is marketing a versatile office/warehouse property with potential development upside at Abbotsford on Melbourne CBD’s north-eastern fringe. The property will be auctioned on Wednesday, March 7 at 12pm on site.
The 9 South Audley Street property is located on the western side of the street, metres north of its intersection with Victoria Street.
It comprises a a substantial two-level, 1086 square metre, brick building on a 764 square metre site zoned Industrial 1 with 24 metres frontage and rear access via both South Audley and Thompson streets.
The 726 square metre ground floor comprises a large, clear-span, high clearance warehouse, a small office and storage space, roller shutter door access via South Audley Street, and undercover parking for six cars. On the 360 square metre first floor there is a reception/waiting area, two large open plan offices, three private offices, a boardroom and kitchen.
The building has separate entrances to each floor providing purchasers with the ability to create dual tenancies or occupy a portion of the building whilst deriving income from the other tenancy.
According to marketing agents, Teska Carson’s Tom Maule and Michael Ludski the property presents an exceptional opportunity for occupiers, investors and developers looking to acquire a versatile building with potential to derive income from two tenancies and excellent prospects for future development.
``Given its close proximity to the CBD, transport, shopping and lifestyle facilities, the property presents a fantastic opportunity in a location that continues to attract a wide range of buyers and tenants with vacancies at an all-time low.
``The property is very well presented and offers exceptional growth potential and development upside right on the edge of Australia’s fastest growing capital city,’’ Mr Maule said.
Mr Ludski said the property benefitted significantly from its prime city fringe location.
``Abbotsford is one of Melbourne’s most popular inner suburbs with its close proximity to the CBD, and its retail and lifestyle attributes driving substantial commercial and residential development over recent years.
``Lifestyle amenity includes close proximity to Victoria Gardens shopping centre amongst a vast array of fashion boutiques, cafes, bars and restaurants.
``It is also very well served by all forms of public transport including trains, trams and buses along Victoria Street and also major arterial routes, including Hoddle Street and CityLink,’’ Mr Ludski said.
The property will be sold subject to a short term lease at $115,829 per annum.
The property’s key attributes include:
•CBD fringe location;
•A well presented and versatile building of 1086sqm;
•Substantial land holding of 764sqm;
•Roller door access;
•Potential development upside (STCA);
•Short term lease.
Home loan approvals have fallen significantly off the back of the APRA and the Royal Commission initiatives together with new Responsible Lending Criteria. The ABS recently reported that home loan approvals have fallen by 13.6% year on year and within that, investment loans have come back by c.20%
Off the back of successfully settling a $48m syndicated first mortgage for a residential apartment development in Sans Souci just weeks ago, Sydney-based real estate investment manager Centennial Property Group (CPG) opened a new fund with a focus on the industrial and logistics market, Centennial Industrial and Logistics Fund II (CIL II). The fund, available only to wholesale and private high net worth investors, opened on 1 November and was seeking to raise c. $38 million. CPG closed the fund less than two weeks later, well before the official close date, due to oversubscription.
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