Key investment considerations include:
+ Positioned in South Yarra – Melbourne’s most exclusive inner-city suburb which continues to attract high value retail, commercial and tourism businesses as well as housing some of Melbourne’s most expensive residential real estate.
+ Strong residential population growth – estimated to grow by 19.9% by 2036 (Profile ID). Strong office worker and tourism related population growth is also anticipated to boost daily consumer numbers.
+ Outstanding connectivity within walking distance to three train stations, several tram lines as well as Melbourne arterial road and freeway network.
+ Recently completed developments in South Yarra demonstrate strong demand for a range of occupational uses spanning commercial office and hotel development.
+ Retail demand has also improved significantly in the past 18 months with several new flagship leasing deals as well as several lease renewals demonstrating retailer confidence in South Yarra.
+ A development pipeline that is unmatched within Victoria outside of the CBD, that includes a range of residential, office, hotel and retail that will continue to facilitate strong growth in the population of not only residents but also office workers and tourists.
+ Located within 50 metres of the properties, Newmark, Gurner and Qualitas have recently gained planning approval to redevelop the Jam Factory with multiple towers comprising 20,000 sq m of office, 400 residences, 200 hotel rooms and 18,500 sq m of retail.
+ Four adjoining freehold titles offered in one line.
+ Combined valuable frontage to Chapel Street of 22 metres*
+ Right of way at rear providing rear access and off-street parking
+ Combined land holding of 673 square metres*
+ Combined building area of 734 square metres*
+ All buildings are currently leased on short leases providing flexibility for value-add investors and developers (STPA).
+ Value-add investment opportunities include creating a consolidated flagship retail tenancy to leverage of the under supply of flagship sized tenancies within South Yarra as well as to maximise covenant and longer term investment value. Alternatively improving the existing shops and letting up on long term leases without redevelopment break options in order to maximise rents.
+ The property’s land size, frontages, right of way at the rear as well as council’s built form guidelines also provide excellent development potential (STPA). The Activity Centre zoning also provides flexibility for a range of high value development outcomes that could include retail, office, hotel and residential uses.
467-473 Chapel Street is for sale by Expression of Interest closing Wednesday 10th August at 3:00 pm. For further details, contact the Emmetts team as the exclusive agents.