Triple Income Investment At 188!

Sale Details

Sold on 08 Jul 2023 for $6,400,000

Description

POINT OF INTEREST:
With 3 income streams comes 3 times the appeal. If you’re looking for an investment opportunity on one of Melbourne’s most popular retail strips, look no further. Enviable in location and in the heart of Bay Street, this is a blue-chip asset where all the work has already been done for you. A two-level 803 sqm* landmark building on 659 sqm* of land suited to investors of all intentions, with income of $286,328.00 per annum from three long standing top-tier tenancies, which include Telstra Corporation Ltd, CorePlus and Mary Martin Bookshops.
Boosted by its future underlying development capability due to a favorable commercial 1 Zoning, providing value add opportunities to the current improvements or redevelopment (STPA).

A crucial part of the Port Melbourne appeal is the quality of life linked to working (and living) here – you’re 600 m from the beach (and roughly the same from the exchange hotel, so after work drinks are always sorted), Hunky Dory is right across the road and it's easily serviced by the 109 tram that runs from Port Melbourne to the CBD and the West Gate Freeway being under 2 kilometres* .

- Significant two-level commercial building
- Building area 803 sqm*
- Land area 659 sqm*
- Current return of $286,328.00 per annum
- Multiple income streams from long standing tenants Telstra Ltd, Core Plus and Mary Martin Bookshops
- Undercover rear car park to accommodate 5 cars*
- Commercial 1 zoning allowing for future mixed use development (STPA)
- Rear right of way
- 13.2 metre frontage to Bay Street and rear access via Adams Place
- Over 6,000 apartments nearby – high density, increased foot traffic and strong demand for retailers
- Cafes and shops at its doorstep, a walk to Port Melbourne beach, transport via light rail tram network to the city

POINT OF VIEW:
Positioned amongst Port Melbourne landmarks, including the Port Melbourne Yacht Club, Station Pier, buzzing South Melbourne market and iconic beaches this prominent investment asset just keeps getting better.

*Approx.
Pricing excludes GST