This article is from the Australian Property Journal archive
AN industrial site in Melbourne’s inner suburb of Prahran is being offered to the market for the first in four decades.
The Commercial 1-zoned 245sqm property at 11-13 Regent St will go to auction on Wednesday, September 7 at 1pm on site with expectations of more than $1.45 million.
It comprises a single-level 210sqm building with office area, clear span warehouse and storage area, and with on-site parking and 14 metres of St frontage.
Marketing agents George Takis and Barry Novy of Teska Carson said the property is offered with a short-term lease to Big Blue Corporation at a current rental of $32,096 per annum net.
Takis said the property benefitted significantly from its location.
“Prahran has fast become one of Melbourne’s most desirable inner-city locations, attracting numerous commercial and residential developments and that has been largely driven by its location.
“Regent St is close to High St and Chapel St, which offer an abundance of retail, cafés, supermarkets, restaurants and other amenities,” he added.
Novy said the property would suit a variety of purchasers including owner-occupiers, investors and developers.
“The property offers numerous options including continuing the existing use for an owner-occupier or investor, but also offers potential for redevelopment given its Commercial 1 zoning,” he said. “New development, especially mixed use retail/residential development, has increased markedly in this area in recent years driven by rapid population growth which is forecast to continue as Melbourne challenges Sydney as the nation’s population capital.”
Australian Property Journal
