This article is from the Australian Property Journal archive
A SIGNIFICANT industrial property in Notting Hill, 18km south-east of the Melbourne CBD, has sold at auction to a developer.
Agents Gray Johnson sold the property for $3,125,000. The buyer plans to lease out part of the building complex whilst refurbishment or redevelopment plans are formulated for the balance of the holding.
The property is currently occupied by a specialty glass company but was offered with vacant possession at settlement as the current lease is expiring.
Located at 93-97 Normanby Road, the property is on the corner with Howleys Road and enjoys a key position in the Monash commercial precinct adjacent to the University, CSIRO and other major business park, industrial and commercial complexes.
The property comprises an elevated office and showroom building of 486 sqm which allows 20 car parking spaces underneath, that is adjoined by a high clearance warehouse plus a small factory at the rear. These two clear span buildings have areas of 1,556 and 1,628 sqm and have multiple roller door access points.
There are a further 25 car parking spaces adjoining the buildings.
The corner site land area is a significant 6,066 sqm and it holds a Business 3 zoning.
Selling agent Matt Hoath said the property was originally occupied by the vendor’s own business but in the past three years has been tenanted by Safety Glass Pty Ltd whose lease is expiring.
“We considered there was scope to redevelop or separate the uses of the two industrial buildings as they have all the facilities sought by a diverse range of businesses.
“We were anticipating interest in 93-97 Normanby Road Notting Hill property in the $3 million plus range and the auction result delivered this.” Hoath concluded.
Australian Property Journal
