This article is from the Australian Property Journal archive
A RESIDENTIAL developer has snapped up a strategic property within metres of the St Kilda Road and Fitzroy Street junction for $3.3 million in a sale by Tender by agents Kliger Wood Real Estate.
Kliger Wood agent Lou Montalti said the result is considered an exceptionally strong one for the area and he had expected the site to fetch around $2.7 million to $2.9 million.
Located at 46-52 St Kilda Road St Kilda, the site has a land area of approximately 740 sqm.
Montalti said the site currently comprises a substantial two storey brick and rendered building comprising three ground level shops and first floor offices serviced by toilets and a kitchen amenities area.
Two of the ground floor retail premises are leased as is the upstairs office accommodation with one shop currently vacant. The leases expire in mid 2012.
“The total passing income is currently $83,541 but with the one vacant street level retail space let the projected annual rental is $100,000 net plus GST,” he added.
A report prepared by planning consultants for the tender offer said the site has future residential or commercial development potential in accord with recent projects in the immediate area.
Australian Property Journal
