This article is from the Australian Property Journal archive
A SUBSTANTIAL development site on Melbourne’s popular Sydney Road has been sold at auction by Sutherland Farrely, for $4.06 million.
The mortgagee auction was hotly contested by six bidders.
Located at 175-179 Sydney Rd Brunswick, the property has an overall area of approximately 1,095 sqm and has a two storey commercial building, which is leased to two separate tenants, subject to five year Lease Agreements expiring March 2010, with no option terms attaching thereto.
The ground floor retail premises returns $114,712 per annum plus GST and the first floor office accommodation is leased at a current rental of $68,852 per annum plus GST, providing a total net return of $183,603 per annum.
The property has three separate street frontages and has future development potential, and has a Planning Permit approval for the construction of two retail premises and 23 apartments.
Australian Property Journal
