An outstanding single level warehouse style office building forming part of a larger development fronting to Spencer Street on Melbourne’s city fringe at West Melbourne is to be offered for sale by public auction by Sutherland Farrelly on Wednesday 10 May 2006 at 3:00 pm on site.
Comprising a building area of approximately 190 square metres, the property is ideally located approximately 2.5 kilometres north west of the Melbourne Central Business District.
Docklands, incorporating Victoria Harbour residential, retail and commercial precinct is located a short distance to the south west. In addition, the Southern Cross Railway Station and the North Melbourne Railway Station are located within close proximity providing excellent accessibility to the property.
Zoned ‘Mixed Use’ under the provisions of the Melbourne Planning Scheme, the property enjoys the benefit of a new 3 x 3 year lease at a gross rental of $37,000 per annum plus GST. Rental is adjusted annually in accordance with 3% annual fixed increases.
Selling agent Paul Farrelly, of Sutherland Farrelly comments “the vibrant city fringe retail and commercial sector coninues to perform strongly and is highly regarded by investors, providing for a strong and balanced portfolio.”
Farrelly further comments “he nature of the tenancy, namely Decisive Solutions and the quality of fit out provides the vital ingredients of a worthy portfolio addition.”
The property is expected to fetch in excess of $400,000 at auction.
By Kathryn O’Meara
