This article is from the Australian Property Journal archive
A WRAP up of development and commercial property investment opportunities across Australia.
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Development & Land
St Kilda, VIC
The Presbyterian Church has put its landmark St Kilda site it has owned for 169 years to the market.
Selling agents Colliers confirmed to Australian Property Journal that around $3 million is expected for the 2 Alma Road property at the corner of Barkly Street.
The Church has owned the 1,162 sqm property since 1855, with a smaller church building making way for the current landmark in 1886. Designed by Wilson & Beswicke, this historic building stands proudly atop a hill at St Kilda’s highest point and its 142-foot steeple once guided mariners navigating Port Phillip Bay and can be seen from several high points around the city.
“This unique property presents numerous redevelopment opportunities for residential or office repositioning, from luxury apartments and grand residences to modern office spaces and fine-dining venues,” said Colliers’ Philip Heberling.
“The possibilities are endless for developers or owner-occupiers looking to invest in a piece of Melbourne’s rich history.”
Colliers’ Ted Dwyer said the asset is located in a “true Melbourne lifestyle spot”, close to public transport, open green spaces and retail.
Industrial
Longwarry, VIC
A substantial industrial 1-zoned factory and office complex in Longwarry, east of Pakenham in Melbourne’s outer south-east, has been put to the market with expectations of $5 million.
Effectively newly built and yet to be occupied, the property at 74-78 Drouin Road is on a site of 8,475 sqm with the existing building situated to one side of the property and comprising a high clearance warehouse totalling 1,450 sqm. There are multiple bays of the steel framed and clad building with two gantry cranes with capacities of five and 7.5 tonnes installed, plus a high capacity three phase power supply.
There are five roller-shutter door access points at the front, side and rear.
The industrial building is adjoined by a 400 sqm office block with under croft parking, and there is concrete hard stand adjoining the buildings.
“The opportunity here is for a new user to take advantage of a likely below replacement current cost commercial or industrial property,” said Gray Johnson selling agent Matt Hoath.
He added that there is “immense scope” for further development, with effectively 4,300 sqm of level, vacant industrial zoned land adjoining the existing warehouse.
The property has easy access in either direction to the growing Pakenham and Drouin-Warragul areas, and to the local multi-lane M1 Princes Highway which links Melbourne and Pakenham to East Gippsland and beyond.
Retail
Golden Grove, SA
A service station and retail investment, in Adelaide’s north-east, is available with an asking price of $4.35 million, reflecting a 6.5% return.
The 2,052sqm property at 1380 Golden Grove Road comprises s 557sqm of improvements including a service station with a brand-new 10-year lease until 2034 plus options.
The servo is trading as a Mobil-X convenience station, with the retail component comprising a five-year lease until 2028 plus options to Aroma Pizza House, which bring in a total return of $282,660 net per annum.
The property boasts a prime strategic position with excellent visibility and accessibility, as well as being the last refuelling point before entering the Adelaide Hills.
Yee Ng and Simon Lambert from McGees Property are managing the sale via private treaty.
“We’re expecting interest from local and national investors looking for a chance to acquire a well-located, well-performing service station and retail investment with strong future prospects,” said Ng.
Blackwood, SA
A rare 5,237sqm development site in the Adelaide foothills has hit the market, boasting both commercial and residential zoning on the former squash court property.
210 Main Road, around 8.8km south of the CBD, boasts three street frontages and adjacent placement to a Coles and Aldi supermarket.
The site has been converted into a 2,654sqm gym and wellness centre and being offered with vacant possession.
Craig Feely and James Juers from McGees Property are managing the sale via an expressions of interest campaign, which is scheduled to close on 12 December 2024. The vendor is a private investor who has held the property since 2003.
“We’re anticipating strong interest from a wide range of buyers, from local through to national developers, investors, and value-add buyers. It’s incredibly rare for a site of this size and nature to come up for sale in Blackwood,” said Juers.
