This article is from the Australian Property Journal archive
A PREVIEW of development site, hotel and commercial property investment opportunities available across Australia.
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Development & Land
West Melbourne, VIC
A versatile two-level building used as short-stay accommodation at 356-362 King Street is being offered to the market with price expectations of around $5.5 million.
Occupying a 604sqm site on the corner of Walsh Street, with 49.55 metres of street frontage, the 1,200sqm building currently comprises 28 residential rooms and a ground floor office.
With multiple on-site parking and easily accessible to public parking, the property is being offered with holding income of $122,712 per annum plus outgoings and GST.
Ervin Niyaz, David Bourke and Ben Liu from Fitzroys have been appointed to manage the sale via an expressions of interest campaign closing on 14th June.
The property has Mixed-Use zoning, which would allow for development of up to 14 metres and is suited to a range of uses and outcomes.
“This is an ideal chance for owner-occupiers, developers and value-add players to make their mark on a fast-changing CBD fringe location with a big future,” said Bourke.
Retail
Nunawading, VIC
The Nunawading home of Amart has hit the market, offering the chance to nab a 1.73 hectare parcel of land in eastern Melbourne’s “Golden Mile” showroom precinct.
Stonebridge Property Group’s Justin Dowers and Kevin Tong are selling 410-422 Whitehorse Road on behalf of transaction advisors Charter Keck Cramer.
Amart has a long-term lease.
“There are significant barriers to entry for large format retail development in metropolitan Melbourne due to the high value of the land and growing costs of construction. This underlying factor, combined with a growing population and robust economy will strengthen the fundamentals of this asset class,” Dowers said.
The is positioned alongside national retailers including Bunnings, JB Hi-Fi, Harvey Norman and Officeworks and has 141 metres of frontage to Whitehorse Road, providing exposure to 48,000 vehicles daily. It is near major transport arterials of Eastlink, Eastern Freeway and Springvale Road and 500 metres from Nunawading Station.
The expressions of interest campaign closes 15th June.
Industrial
Pinjarra, WA
Two fully-leased self-storage complexes in Western Australia’s Peel region are on the market.
The premises are located 100 metres apart, at 23 Cox Street and 36 Fields Street, with 44 storage units on freehold land of 2,000 sqm at the former, and 48 self storage units on 2,227 sqm of freehold land at the second site.
Each purpose built storage building complex is in excess of 750 sqm in size.
Matt Walsh of Highway Frontage Real Estate, who is marketing Dolphin Self-Storage, notes that all units at the two locations enjoy 100% occupancy with further growth potential as there is further space available for extra storage units to be built. The former warehouse was fitted out with eight further storage units in November last year and all were leased within two weeks.
Annualised gross income is currently $260,000 excluding GST. Walsh said there is strong growth potential with increases in the gross annual rental income based on continued full occupancy and from annual increases in the storage hire rate.
Options for the purchaser are to self operate or engage a local real estate agent to provide management of the property.
Hotel & Hospitality
Surry Hills, NSW
A brand-new boutique hotel, 202 Elizabeth, located in an emerging hub of creative hotels has hit the market.
Conceived by Alessi Design + Build, the hotel spans six floors and includes three outdoor terrace areas including a rooftop lounge with views of the city and Surry Hills.
Mark Durran from Savills has been exclusively appointed to sell the hotel with vacant possession.
“Locationally 202 Elizabeth is perfectly positioned to cater for both the leisure and business traveller. On its doorstep is the growing Surry Hills tech community as well as the new government backed precinct under development – Tech Central – Sydney’s emerging ‘Silicon Valley’,” said Durran, managing director of Savills Hotels.
The ground floor features retail spaces, which will be home to the city’s first organic Handpicked Wines retail outpost.
The hotel was constructed with sustainable materials such as cross-laminated timber for a lower environmental footprint.
