Rezoned Abbotsford opportunity to boost fringe boom

Trenerry building

A recently rezoned Abbotsford land parcel encompassing 4,735sqm has been put to the market, offering developers, investors and owner occupiers the chance to take advantage of the city fringe suburb’s booming market.

Fitzroys agents Paul Burns and James Lockwood are handling the international Expressions of Interest campaign for 112 Trenerry Crescent, on behalf of the Australian Education Union (Victorian Branch).

The site has an existing four-level brick building with an NLA of 4,252sqm. It fronts on to the Yarra River and overlooks both Dights falls and Victoria Park, in addition to having views of the CBD skyline. It is being offered with short-term holding income.

The AEU had previously used the building as their Victorian headquarters for many years.

Burns said the property’s flexible Mixed Use zoning puts all options on the table for purchasers.

“Office vacancies across Melbourne’s city fringe markets have been tightening to historic lows and businesses are increasingly looking to Abbotsford as the next hotspot for commercial activity located close to the CBD.

“The property offers direct access to trains and buses, the Eastern Freeway and recently upgraded Hoddle Street, and a range of trendy lifestyle options and the scenery of the Yarra River, all within short walking distance.

“Meanwhile, Melburnians are continuing to embrace medium and high-density living, fuelled further by ongoing population growth, enhancing the prospects of a future residential development on the site.”

Lockwood said developers are now looking beyond the heated Cremorne and Richmond markets for their next projects.

Cadence Property Group has lodged plans for a major office development on Victoria Crescent, near the Carlton and United Brewery, and Salta Property Group is undertaking a mixed-use project with office, apartment and build-to-rent components next to its Victoria Gardens shopping centre. United Petroleum founder, Eddie Hirsch has proposed and 11- storey tower on Hoddle Street. Circa $20 million is expected for the property.

Expectations for the Abbotsford offering are circa $20 million with Expressions of Interest closing Wednesday, 14 November at 2pm.

Buyers continue banking on vacant retail real estate

The Commonwealth Bank has sold off a former branch in Melbourne’s Keilor, as vacant retail properties continue to be snapped up by investors and owner occupiers.

Fitzroys agents Terence Yeh and Ervin Niyaz sold 692 Old Calder Highway, in Melbourne’s north-western suburbs, for $830,000 plus GST to a private investor.

The 218sqm site within the tightly held Keilor Village retail and commercial precinct has a single-storey brick building of around 170sqm and on-site car parking, and offers right of way via a rear laneway.

Niyaz said the property attracted interest from investors and owner occupiers to gain a foothold in an area experiencing rapid growth, and with excellent prospects for future capital appreciation.

“The property neighbours national tenants, food and beverage operators and service retailers, and offers excellent access to the Calder Freeway, Western Ring Road and Tullamarine Airport, and the Keilor industrial precinct.”

Yeh said that despite the tighter lending environment that is encouraging a number of prospective commercial property purchasers to look for tenanted properties, vacant opportunities are being sought after in strong numbers.

Fitzroys has just sold the former premises of Brighton icon Wild Holly Cakes at 389-391 Bay Street under the hammer for more than $2.9 million, some $400,000 above reserve, following interest local and offshore investors and owner occupiers.

It also recently sold the 245 sqm city fringe building at 241 Bridge Road in Richmond to accounting firm Michael Jensen & Associates for $1.585 million, and the two-level building at 917 High Street in Thornbury to a local food and beverage operator that will use the building for their next venture.