Arguably one of Melbourne’s most attractive investments currently on the market, 145 Williams Road, Prahan, will be sold by public tender closing next month.
Offered to the market by Sutherland Farrelly, the site comprises a long standing prestige dealership, which is now being offered subject to a 15 year lease (with two 10 year option terms) to Autopact, one of Australia’s largest automotive car dealers.
Currently housing South Yarra BMW, this offering currently returns a nett income of $1,857,665 (with Land Tax recoverable from the Lessee), with 3.25% annual increases.
The prominent corner site has an area of 3,887 square metres and is included within a Commercial 1 zone with significantly underlying development potential.
It is closely located to the highly regarded Hawksburn shopping area with excellent exposure to Williams Road.
According to the selling agents, the building has been the subject of a significant extension and renovation, completed in 2016 and enjoys substantial depreciation benefits.
Grant Sutherland, “The current tenure provides the astute investor long term security, with the benefit of the high underlying land value, associated with such a prime location, for future redevelopment,” Grant Sutherland added.
Public tenders for the property will close on Thursday, 14th June at 3pm.
Beller Commercial is currently offering a “landmark development opportunity” to the market by expressions of interest closing on the 1st June.
The property, at 88 Stubbs Street, Kensington, comprises approx. 3,986 sqm of mixed use land with “significant developmental potential of 15,000 sqm (approx.)” NSW (STCA), according to Beller Commercial.
“This is a chance to put your stamp on Melbourne’s newest urban renewal precinct in a phenomenal position with outstanding view lines,” a Beller Commercial spokesperson added.