Feb 10 2018Add to Favorites
Teska Carson (9421 7000) is marketing a boutique occupation, investment or development opportunity in the heart of the highly regarded inner eastern suburb of Glen Iris. The property will be auctioned on Thursday, March 1 at 1pm.
Located at 7-9 Bardolph Street, within a prized residential catchment and directly adjacent to Burwood railway station, the property comprises a 118 square metre, single level, double-fronted, shop with on-site parking. It is currently owner-occupied and has been utilised as office space.
The property is also within close proximity of numerous lifestyle amenities including High Street, Ashburton, Toorak Road, Hartwell, and Burke Road, Camberwell shopping strips.
Zoned Commercial 1 under the City of Boroondara Planning Scheme, the 217 square metre site provides nearly ten metres frontage to Bardolph Street and more than 12 metres to a ROW at the rear.
According to marketing agents, Teska Carson’s Tom Maule and Matthew Feld, the property presents a fantastic opportunity for purchasers to acquire a versatile retail/commercial premises in a unique location.
Mr Maule said development in the immediate area, including mixed use and multi-unit residential developments, provided exciting growth prospects within a well-regarded pocket of a very popular suburb.
``This is one of those properties that comes up rarely in the heart of a blue chip suburb with flexible zoning providing numerous options to a wide range of prospective purchasers.
``The property’s position within this exclusive strip right next to the railway station provides very desirable, additional, investment credentials,’’ Mr Maule said.
Commercial 1 zoning aims to promote vibrant mixed use commercial centres for retail, office, business, entertainment and community uses, as well as residential uses at densities complementary to the role and scale of the commercial centre.
Mr Feld said the property’s key investment attributes included:
•The location in a boutique retail/commercial strip;
•Strong growth potential;
•Excellent frontage and exposure;
•Potential for dual tenancies;
•Location in one of Melbourne’s most exclusive suburbs; and,
•Very close proximity to transport.
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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