This article is from the Australian Property Journal archive
A SOUTH Melbourne island site of 2,767 sqm with an attractive mixed use zoning has been put up for sale, representing one of the few remaining sizable development opportunities in the popular city fringe location.
Lemon Baxter’s Chris Curtain is marketing the 210 Kings Way/1 York Street property on Melbourne’s city fringe, which currently comprises a 4,949 sqm five-level building with 85 parking spaces.
The building returns $1.52 million net per annum from leases lasting until 2020 and 2021, with break clauses total vacant possession available from June 2021 at the latest.
It is being marketed with potential to build a 20,000 sqm office tower, and is subject to a Hayball Architects scheme and yield study, positioned in a high-exposure location on Kings Way.
In June, the State Government paid around $23 million for another South Melbourne island site, of 2,714 sqm at 142 Dorcas Street, that it will use for a new Victoria Police complex.
Electrical group L&H sold the site after more than 50 years of ownership, with improvements including a 2,000 sqm brick warehouse and 42 parking spaces.
The was followed by a local buyer paying $6.5 million for a corner development site of 884 sqm at 30-38 Thistlethwaite Street, with three street frontages. It was leased to Arid Zone in 2016 on a five-year deal with two five-year options that includes a demolition clause, with the property’s Capital City zoning and Design and Development Overlay 30 offering development potential of up to 18 levels.
Australian Property Journal
