Allard Shelton has been appointed as sole agent to sell 41 Cobden St, North Melbourne, a two level office building with significant development upside (stca).
The property comprises a prominent corner freehold consisting of 3 tenants with a total building area of some 250 sqm and situated on a corner site of some 232 sqm.
Allard Shelton Directors James Gregson and Michael Ryan will handle the sale, explaining that north Melbourne is a highly sought after area with strong demand from investors, owner occupiers and developers.
“There is no doubt why North Melbourne is one of Melbourne’s hottest spots at present” said Mr. Ryan. “A prime location benefiting from close proximity to a world class universities and medical precincts and whilst on the door step of the CBD.’’ Mr Ryan explained.
The Property is offered with short term leases and has a current combined rental of $86,000pa which provides great flexibility for the purchaser.
Allard Shelton’s James Gregson . states “This is a rare opportunity to purchase an outstanding freehold that ticks all the boxes; corner site, strong holding income , flexibility to potential to occupy, significant development potential and in a highly sought after location and one that is unlikely to present itself again”.
Mr. Gregson added. “Corners always boast improved development outcomes particularly this property with predominantly north facing frontage and coupled with a preferred height limit of 24 meters or 8 levels, Its sure to attract the attention of both local and overseas developers who will realize it strategic location particularly being so close to the universities.
Mr Ryan added, “Astute buyers love corners. Opportunities such as this are becoming progressively scarce in Melbourne’s blue chip retail locations such as North Melbourne. “James and myself sold 341-347 Queensberry, St North Melbourne (corner of Peel st) for $5,300,000 last May , that campaign attractive over 100 , we anticipate a similar outstanding response to this campaign and expect 41 Cobden Street, North Melbourne to sell for in excess of $2,500,000.”
The property is scheduled to go under the hammer onsite on Wednesday 6 December at 12pm.
For further details, please contact the office of Allard Shelton on 9654 3222.