Flexibility in Fitzroy North

Auction – Leased Investment - 786-794 Nicholson Street, Fitzroy North

Investment opportunity, Development/Land (Residential, Retail, Offices), Retail

Overview
Property ID: 19321
Price: Contact Agent
Rent: $95,530 (ex. GST)
Building: 213m²
Land: 1,022m²
Zoning: Commercial 1 Zone
Auction
7/12/2022 12:00 PM
Add to Calendar 07/12/2022 12:00 PM 07/12/2022 12:00 PM Australia/Melbourne Auction – Leased Investment - 786-794 Nicholson Street, Fitzroy North Flexibility in Fitzroy North Ryan Milivojac [email protected] false DD/MM/YYYY akKqZLDfczNDwEvbmmHA24960
Description

For sale by Public Auction - Wednesday 7th of December 2022 at 12pm on-site.

POINT OF INTEREST:
Make your mark on Melbourne's Inner North with this triple-fronted landholding of 1,022sqm*.

Offered to the market after being held by the current owners for in excess of 40 years, 786-794 Nicholson Street presents the perfect opportunity to secure one of Fitzroy North's last remaining prominent corner development sites. Commercial 1 Zoning, low site coverage, and a combined street frontage of over 92 metres tick all of the boxes for future development, whilst you can rely on the rental income of $95,529.79pa from the long-standing tenant to see you through any design & planning process in the short to medium term. Situated within the eclectic northern city fringe - which is home to some of Melbourne's most desirable and liveable suburbs - this site truly is one for now and also the future. Public transport is on your doorstep with the Route 96 tram, whilst both Clifton Hill and Jewell train stations are within 2km. Whether you choose to develop, continue to hold as an investment, or possibly even occupy in the future, you'll be well placed for any outcome with 786-794 Nicholson Street, Fitzroy North in your portfolio.

- Prominent corner land holding 1,022m2*
- Combined frontage of 92.5m* to Nicholson Street, Liverpool Street and Railway Lane
- Potential for landmark mixed-use/residential development
- Highly sought after Commercial 1 Zone
- Immediate access to #96 Route Tram
- 3km* to Melbourne CBD, Melbourne University and ACU
- 3km* to the world renowned medical and hospital amenity including Royal Melbourne, Royal Children's & St Vincent's

Tenancy particulars:
- Star CWD Pty Ltd trading as Star Car Wash
- $95,529 per annum plus GST plus outgoings (excluding land tax)
- Three (3) Year lease commenced 01 June 2020
- Two (2) further terms of Three (3) Years each
- Annual increases to CPI, market review at options

POINT OF VIEW:
Steady income and fantastic scope for future development underpin the value of this site. It's up to you to decide what direction to head in next!

*Approx.
Pricing excludes GST

Additional Info
Features
TenancyStar CWD Pty Ltd trading as Star Car Wash
Lease Term3+3+3 Years
Commenced01 June 2020
Rent ReviewAnnual CPI
Bond/Guarantees$13,200 plus Director Guarantees
Outgoings PayableBy tenant as per lease
Air ConditionerOffices
AvailabilitySubject to lease
Car Parking FeesNA
Car SpacesAmple on-site parking
ConditionVery Good
FloorsConcrete
LiftsNA
Permits IssuedNo
Suitable DevelopmentMixed-use / Residential
Wheel Chair AccessYes
ZoningCommercial 1 Zone
Outgoings
Council Rates$10,009.21 pa (approx)
Water Rates$1,364.02 pa (approx.) (excl. usage)
Land Tax$67,715 pa (apprx)
Agent Details
CVA Property Consultants - Ryan Milivojac

Ryan Milivojac

M | 0409 481 471
T | (03) 9623 2566
E | [email protected]

CVA Property Consultants - Ian Angelico

Ian Angelico

M | 0418 336 088
T | (03) 9623 2578
E | [email protected]

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