This article is from the Australian Property Journal archive
CB Richard Ellis’ Paul O’Connell and Alex Zent will steer the Expressions of Interest campaign which closes on September 02 at 4pm.
O’Connell said the sale provided a rare opportunity to secure an exceptionally large development site, in Melbourne’s sought after inner suburbs.
The development site at 127-137 Nicholson Street Brunswick East is just 4.5km from the Melbourne CBD. The circa 1.90 hectare landholding has a council approved rezone to Business 1 – Victoria’s most sought after zoning – subject to final ministerial approval.
“The site offers potential for a significant residential, commercial and retail development, subject to the relevant planning approvals,” he continued.
The property has two street frontages to Nicholson and John Streets, with a further two direct access points from Gamble and Rickard Streets.
“Brunswick East is an extremely popular area in Melbourne’s inner north. Underpinned by strong property fundamentals, the site will join the long list of neighbouring pockets undergoing significant re-gentrification,”
The property is being offered for sale with short term holding income of approximately $190,000 per annum net from two existing tenants.
Currently the site includes a number of existing improvements, including four older style warehouses, a double level office and 76 car bays over two separate car parks. The total combined building area is 13,376 sqm.
O’Connell said the sale campaign had been launched amid unprecedented demand for development sites in Melbourne.
“The Nicholson Street property is positioned to capitalise on strong demand for inner city Business 1 development sites and the popularity and amenity of city fringe living, which is driving high rents, low vacancy rates and solid capital growth prospects,” O’Connell concluded.
So far receivers have sold Letten’s the Glen Centre retail complex in Hawthorn for $15 million and a building at 167 – 173 Flinders Lane for $13.31 million.
Australian Property Journal
