Executors’ Auction – Emmetts are delighted to exclusively present for sale by public on site Auction 311–313 Clarendon Street & 187 Bank Street, South Melbourne.
Prominently located at the corner of Clarendon Street and Bank Street, the commanding fully leased freehold provides investors the opportunity to secure a diversified income with a mix of retail and residential in one of Melbourne’s best positioned retail strips.
THE LOCATION:
+ Commanding corner location, in one of Melbourne’s most promising retail strips ideally positioned for growth.
+ Clarendon Street forms the main strip retail and lifestyle amenity at the centre to several of Melbourne’s highest density living precincts including St Kilda Road, Southbank and the Montague Precinct of Fishermans Bend.
+ Surrounding high density precincts providing opportunity for significant further population growth.
+ South Melbourne is home to high quality national retailers including Coles, Woolworths, Aldi, Spotlight, Dan Murphy’s, Bed Bath & Table, Miele, Bellota Wine Bar, ST ALI, Hector’s Deli, Chemist Warehouse, Betty’s Burgers, Grill’d. and the world-renowned tourist attraction of South Melbourne Market
+ South Melbourne, a well-regarded historic and tightly held city fringe suburb, bookended by the Melbourne CBD and ultra-affluent suburbs of Middle & Albert Park.
+ Positioned within an affluent and growing inner-city catchment of South Melbourne which boasts a median house price of $1,705,000*.
THE PROPERTY & LEASE:
+ Fully leased multi tenanted corner freehold consisting of two (2) retail tenancies and two (2) generously proportioned residential units on four (4) separate titles, providing diversity and long term security of income.
+ Majority leased to Florsheim Australia, a globally famed footwear brand and owned by NASDAQ-listed Weyco Group, Inc.
+ Combined income of $188,666 per annum* plus GST
+ Strategic double fronted corner landholding of 263 sq m* with combined frontage totalling 32.5 meters* of high value exposure.
+ Building improvements of approx. 362 sq m*.
+ Significant potential for value-add and rental uplift through apartment refurbishment, or future strata sell down.
+ Relatively affordable diversified corner freehold investment opportunity with value potential.
311-313 Clarendon Street & 187 Bank Street, South Melbourne is being offered for sale by Executor’s Auction on Thursday 19th of March at 2:30PM onsite.
All inspections are to be arranged strictly via the exclusive selling agents.
*Denotes Approx
Send to: