This article is from the Australian Property Journal archive
BUYERS are snapping up properties quickly before auction by making offers that the vendors’ cannot refuse.
Another property, at 10 Main St Blackburn approximately 17kms east of Melbourne CBD has sold ahead of auction for $1.15 million to a private developer.
Conjunctional agents O’Callaghan Commercial and Gorman Commercial negotiated the sale of the single storey building currently occupied by Woodards Real Estate as a sales and administration office under a lease which commenced in June 2008 for three years plus one three year option.
The lease provides a review to market annually with the current annual rental sitting at $30,183 plus all outgoings except land tax. The lease importantly includes a Demolition Clause requiring the landlord to issue a nine months notice to vacate should redevelopment of the property be planned. The tenant also has the right of first refusal to lease any commercial area provided in a new development.
The land area is a regular sized corner allotment of 766 sqm, a street exposure of 15.24 metres with right of way access on two sides.
The property is within a Business 1 zoned area and has a planning permit issued in May 2009 proposes a mixed use commercial and residential project on the site.
This envisages a ground floor shop of 33 sqm plus one car space, a ground and first floor office area of 242 sqm plus five car spaces, and four first floor residential units each approximately 145 sqm with six allocated car spaces including visitor spaces.
David O’Callaghan said expectations ahead of the option were for a price of just over the $1 million mark.
Australian Property Journal
