Small Spaces Attracting Huge Prices

Jail space

A Carlton retail space of just 48sqm on Melbourne's popular Rathdowne Street has sold for almost $10,000 per sqm.

Fitzroys agent Terence Yeh negotiated the private sale of the vacant 142 Rathdowne Street property for $475,000.

Zoned Commercial 1, the property forms part of a boutique three-level mixed-use development completed in late 2015, which comprises six ground floor shops and 13 apartments and located on the corner of Rathdowne and Palmerston Streets.

Yeh said the property attracted strong interest from investors and owner occupiers looking to capitalise on the surge in popularity of inner-city living that has seen an increase in development of medium and high-density housing in Carlton.

“Strong demand from students and young professionals for residential property in the area, has further strengthened the viability of local businesses,” he said.

“Rathdowne Street is one of the main northern arterial routes to and from the city, with the properties further benefiting from an enormous level of constant passing traffic.”

Sheridan beds down in Burke Road

Bedding and homewares brand Sheridan, part of HanesBrands, is moving into Burke Road, Camberwell after signing a long lease at $200,000 per annum.

Fitzroys Senior Manager Chris James negotiated the 5x5x5-year deal for the 781-783 Burke Road property, which has a ground floor area of 182sqm plus first floor mezzanine.

It will use the site for its new Sheridan Studio format, which will typically be larger than its traditional shops and stock Australian-made furniture and items including sofas, beds, bedding, towels and linen items, side tables, and a number of other homewares goods.

James said the Camberwell Junction precinct, particularly along Burke Road, had been the beneficiary of increased residential development on its doorstep.

“We’ve seen a jump in enquiry from prospective tenants in the key inner-east strip as developments such as Aerial Solstice, Elmington, Middle Burke and others bring hundreds of new apartments into the area," he said.

There is an estimated 1,500 new apartments about to come online or in the pipeline around Burke Road and Camberwell Junction, with plans for a new 12-storey apartment tower near the Aerial development approved this month.

Arresting Opportunity at Former Police Station

  A former police station which has retained prison cells in its interior at Rozelle in inner western Sydney is available for lease as a creative office or warehouse space through Ray White Commercial.

The landmark site of the original Rozelle Police Station at 707 Darling Street, Rozelle, is being marketed by Ray White Commercial Inner West Principal Tim Morrison.

Mr Morrison said the 450 sqm building retains original features including three jail cells and barred windows.

“This is a significant and historical local landmark which now has an artistic feel to it with a blend of old and new interiors throughout,” he said.

“The old police station offers a substantial building on two street frontages, with office and warehouse space including roller shutter access. The building also offers retail potential.

“The property is on strategic corner location, only metres from Victoria Road and is approximately 4km from the Sydney CBD.

“The offering is close to transport facilities and is surrounded by Rozelle’s vibrant retail precinct including restaurants, cafes, art galleries and specialty boutiques.”

The property has previously been used as a corporate facility and was the former headquarters for children’s charity Variety.