Another historic Melbourne offering hits the market

Commercial property abbotsford

A premier double-storey building in South Melbourne’s Emerald Hill Estate is going to auction, the latest investment offering from Podco and Terraplex in the historic precinct.

Fitzroys agents James Lockwood and David Bourke are marketing 336 Clarendon Street and 49 Emerald Hill Place, which will be auctioned on Thursday, 25 October at 1pm.

The prominent shop and dwelling is fully leased to two tenants, including Australian Red Cross on the ground level on a 4 x 4-year deal, plus a three bedroom residence with outdoor terrace on the first floor, for a total annual income of $125,888 per annum.

It covers 207sqm within the historic Emerald Hill Estate site, which retains many of the brick municipal buildings constructed in 1887.

The Victorian Heritage Register says, “The commercial buildings in particular collectively represent an extraordinary example of an 1880s shopping precinct with a high degree of intactness unmatched in extent anywhere else in Victoria”.

The majority of the buildings on the site were acquired by the State Government in the 1970s.

Podco and Terraplex picked up the broader Emerald Hill Terrace property in 2015 and subdivided the site into 15 separately-titled offerings.

“This Emerald Hill offering provides investors with the opportunity to make a piece of Victorian history their own,” Lockwood said.

Zoned Commercial 1, the property also offers future owner occupier and further development potential. The property is located close to the iconic South Melbourne Market, Albert Park, and the Melbourne Sports and Aquatic Centre, and is close to numerous tram and rail options.

“Melburnians continue to to embrace inner-city living in medium and high-density dwellings that are well-connected by public transport options and lifestyle offerings,” Lockwood said.

“More than 1,800 residential apartments and 90,000 sqm of office space are expected to be brought to the area in the coming years.”

Investors looking to get comfortable in Cheltenham

Retail property investors have the chance to take advantage of the evolution of Melbourne’s middle-ring bayside suburbs, with a brand-new showroom within Cheltenham’s Assembly Bayside development offered to the market with a secure long lease to highly regarded national furniture retailer Cosh Living.

Fitzroys agents Chris Kombi and Mark Talbot, in conjunction with Gorman Commercial’s Jonathon McCormack and Andrew Prowse, are marketing the 1,092 sqm ground floor property at 337 Bay Road via Expressions of Interest closing Tuesday, October 16th.

It has an expansive frontage of more than 55 metres to Bay Road and is leased to Cosh Living on a 7 x 7 year lease returning $324,300 per annum plus outgoings and GST, with fixed increases per annum.

Cosh Living offers a comprehensive range of quality indoor and outdoor furniture from leading designer brands from Australia and Europe, from where it imports designer tables and chairs.

The Assembly, developed by Trumen Corporation, is a new mixed-use project the includes showroom facilities, a state-of-the-art child care centre, and flexible office/showroom and warehouse units. It includes another nationally recognised tenant, Storage King as a tenant.

Neighbours include Aldi supermarket, Fitness First, Domo Furniture and the soon-to-be developed Dan Murphy’s, while to the north is the 9.28-hectare former CSIRO site that undergoing a major transformation to a mixed-use precinct, with plans for a new public library and major park, and residential projects of up to five-storeys on the balance of the site.

Kombi said the property would attract purchasers looking for a retail investment underpinned by strong fundamentals.

“This is a modern, well-presented property securely leased to a respected national retailer, and positioned in an area primed for strong population growth as Melbourne’s nationleading population growth and appetite for medium-density living spreads throughout the metropolitan region.”

The property is close Westfield Southland shopping centre and is accessible from the new $21 million Southland train station and Highett train station, as well as numerous bus services, and Nepean Highway.