This article is from the Australian Property Journal archive
A PREVIEW of development site and commercial property investment opportunities available across Australia.
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Retail
Brighton, VIC
Home to long-standing tenant, major lender NAB, 35 Church Street on one of Melbourne’s premier shopping strips is set to sell under the hammer, with price expectations of $6.7 million-plus.
NAB has been at the site for 30 years and has a renewed 5+5+5-year lease, bringing in an income of $254,616 per plus outgoings including land tax.
Mark Talbot and Tom Fisher from Fitzroys are managing the sale via an auction on 27 July.
“The benefit of land tax being recoverable from the tenant is a huge attraction to investors looking to purchase this type of asset, and together with a secure lease-term makes this investment close to risk-free,” said Talbot.
Located on a substantial 288sqm site, the property boasts 8.5 metres of frontage to the most highly sought-after and tightly held prime section off the street, with neighbouring tenants include a number of Australia’s leading high-end retailers in Country Road, Mecca, Scanlan Theodore, Seed Heritage, Bed Bath N’ Table, Sportscraft, Husk and Saba while the famous Dendy cinema complex is opposite.
Clyde North, VIC
Colliers’ Jake Beckwith and Nathan Brown have exclusively been appointed to manage the retail leasing for the future 12,000 sqm St.Germain large format retail precinct.
“The St.Germain Large Format Retail Precinct is a sought-after addition to the well-planned community, with expectations to particularly attract furniture and homeware retailers to cater for the rapidly growing population within Clyde North and surrounding suburbs,” Beckwith said.
St.Germain is strategically located in a rapidly growing municipality, the City of Casey in Victoria, approximately 45 minutes southeast of Melbourne CBD in Clyde North on Thompsons Road.
The City of Casey is one of Australia’s fastest growing and most populous municipalities with over 350,000 residents. Upon completion, St.Germain will comprise over 900 new homes and 1,500 new dwellings.
According to Colliers, the current pipeline for new large format retail developments set to become available forecasted in 2024 is expected to be 61% below the new floorspace brought to market in 2023.
Office
Surry Hills, NSW
The Austin, a historic Surry Hills warehouse conversion, is on the market for the first time in 37 years with a price expectation of circa $5.5 million.
Located at 247 Devonshire Street, the 618 sqm building has been converted into three modern apartments, a ground level commercial space and basement parking for three cars.
Smart Design Studio designed the refurbishment of the building, maintaining its original 1950s Brackenbury & Austin script on the façade from the building’s first owners who produced lathes out of the factory next door in the early 1950s.
CBRE’s Luke Williams, Max Silk and Toby Silk are managing the expressions of interest campaign, which closes 2nd August.
“Warehouse conversions offer a unique blend of history and modernity and are sought after by buyers looking for something different from the typical cookie-cutter architecture,” Williams said.
Silk added with a surge in net migration close to double the historical average and an estimated 14% growth in the nation’s population this decade, rents continue to drive upwards due to lack of supply and surplus demand.
