This article is from the Australian Property Journal archive
A PRIVATE investor has bought the converted Phoenix Biscuits Company factory at Abbottsford in Melbourne's city fringe for $2.7 million.
/* Style Definitions */
table.MsoNormalTable
{mso-style-name:”Table Normal”;
mso-tstyle-rowband-size:0;
mso-tstyle-colband-size:0;
mso-style-noshow:yes;
mso-style-priority:99;
mso-style-qformat:yes;
mso-style-parent:”;
mso-padding-alt:0cm 5.4pt 0cm 5.4pt;
mso-para-margin:0cm;
mso-para-margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:10.0pt;
font-family:”Times New Roman”,”serif”;
mso-fareast-language:EN-US;}
Located at 41 Grosvenor St, the restored two-level building comprises 540 sqm on a 370 sqm land area. It was sold along with an adjoining 170 sqm block of vacant land at 8 Southampton Cres, making a combined site area of 517 sqm.
Agents Gray Johnson Rory White said the private investor buyer is leasing back the property to the vendor, on a new three-year term at a commencing annual rental of $153,000 net.
“With its historic origins as the original home of the Phoenix Biscuit Company which began on this site in about 1889, before building the current complex around 1930, the property on offer is a cleverly designed office-showroom complex.
“The vacant land in Southampton Crescent affords valuable car parking amenity and this property is located to participate in the continuing revitalisation of the adjacent Abbotsford area,” White said.
Australian Property Journal