This article is from the Australian Property Journal archive
A WRAP up of development site and commercial property investment opportunities across Australia.
Feature your deals in the daily wrap, submit transactions to news@australianpropertyjournal.com.au, sponsorship opportunities available contact marketing@australianpropertyjournal.com.au.
Development & Land
North Melbourne, VIC
An 804 sqm site with two warehouse buildings on the doorstep of Melbourne’s CBD holds potential to deliver a range of housing options as part of a mixed-use project.
Known as The Union, the site at 3-7 Union Street and 5 Danaher Lane is positioned within one of Melbourne’s key medical, education and technology precincts with a population anticipated to increase by 4.6% per annum, the strongest rate for a residential area within the City of Melbourne.
Zoned mixed use, the site’s buildings offered with on a month-to-month tenancy and vacant possession respectively.
Tim Carr, Jesse Radisich and Maddie Pizzey from JLL together with Anthony Tregear from ASL Real Estate are marketing the property.
Carr said the site would ideally suit townhouse development.
“This is a fantastic opportunity and one which will certainly be on the ‘must consider’ list for developers looking to take advantage of an affordable purchase within a residential market which has a critical shortage of stock,” he said.
The site is located around two kilometres from Melbourne’s CBD, and close the soon-to-be $1.7 billion redevelopment of Queen Victoria Market precinct.
Expressions of interest close 17th October.
North Melbourne, VIC
Another older-style warehouse premises in the suburb presents a development opportunity.
Around $1.75 million is expected for 257-259 Macaulay Road, located in the Arden Precinct, zoned special use with a discretionary building height of 51 metres.
The property was divided into two separate tenancies over 30 years ago and is offered with short-term agreements with no options. It has a building area of 280 sqm and land area of 306 sqm.
257-259 Macaulay Rd North Melbourne
Marketing agent Paul Farrelly, of Sutherland Farrelly said property provides an outstanding commercial development opportunity, with short term income on the edge of the CBD or is ideal for an owner occupier,
Expressions of interest close Wednesday, 23rd October,
Elsewhere in the Arden Precinct, Farrelly is marketing 118-120 Langford Street for sale, which has a fully refurbished warehouse and special use zoning allowing for a height of up to 64 metres.
It is being offered with a three-year lease from April 2024 with no further terms, bringing $70,000 per year.
Interest is anticipated at around $1.5 million.
The expressions of interest campaign closes on Friday, 25th October.
118-120 Langford St North Melbourne
Industrial
Cambridge, TAS
An expansive strategic corner block in Hobart’s Cambridge is up for grabs.
The flat 2,184 sqm site at 26 Cherokee Drive is zoned for light industrial use with rear boundaries partially fenced.
The site is in proximity to Hobart Airport and the Harvey Norman Homemaker Centre.
Elders Commercial have the listing.
Office
Melbourne, VIC
Back in Melbourne, the rare opportunity to acquire a three-bedroom home with open plan working and living spaces over three levels in the CBD’s East End in on the market.
Gray Johnson agents Simon Regan, Matt Hoath and Rory White are selling 18 Davisons Place, in a short no-through street between Little Lonsdale and La Trobe Street, via expressions of interest closing Tuesday, 15th October, expecting buyer interest in the $2.3 million to $2.5 million range..
The agents say that the property is one of three separate holdings in one building that once was both the studio/warehouse of fashion icon Prue Acton, from the 1980s and early 90s.
The entire space has been fully painted and recarpeted and coms with an on-street lock-up garage for one vehicle.
Within walking distance are Grossi Florentino, The European, The Flower Drum, Pepe’s Italian & Liquor, Chinatown and the theatre district.
