September 13, Melbourne – An apartment block with development potential within South Yarra’s Domain precinct and just 200 metres from the Royal Botanic Gardens is expected to attract strong bidding competition from investors and developers.
According to Teska Carson’s Luke Bisset and Matthew Feld, who are managing the Expressions of Interest sale, the 94 Millswyn Street property, which is being offered for the first time in more than 50 years, is ideally suited to either a luxury apartment redevelopment or blue chip investment.
``This is an exceptional property in terms of both its location and the massive potential it offers for redevelopment as, for example, luxury apartments (STCA)
``It’s hard to imagine a property with better locational credentials. It is literally minutes’ walk from both the Botanical Gardens and Fawkner Park, within a few minutes more of Albert Park Lake and Golf Course, and a relatively short tram ride of Melbourne’s CBD.
``The lucky purchaser will gain the chance to look at the potential for redevelopment as well as holding for development down the track, or simply holding as a blue chip investment with excellent growth potential,’’ Mr Bisset said.
The 94 Millswyn Street property comprises a classic Domain precinct apartment block consisting of six, two bedroom units over three levels with associated car parking for three of the units. The property offers a current income of $75,600 per annum with a potential fully-leased income of $115,200 per annum.
Zoned General Residential – Schedule 5, the 417 square metre site has frontages to St Martins Lane of 32 metres and nearly 13 metres to both Millswyn Street and St Martins Place facilitating any future development project. Aplanning overlay (DDO15-A1) allows for a maximum building height of 12 metres (3-4 levels approx.).
The property is located just 200 metres from the Botanical Gardens and Domain Road shops, cafes and restaurants and close to transport, schools and Melbourne’s CBD
Mr Feld said the property represented an extremely rare opportunity to acquire a blue chip asset in one of Melbourne’s most affluent suburbs.
``This really is a rare opportunity for investment but also development at a time of extremely low interest rates and when the demand for luxury apartments has not abated
``The Domain precinct is arguably the most exclusive residential location in Victoria, often setting record sales rates for apartments and private homes,’’ Mr Feld said.
He said the property’s key attributes incluced:
- 417sqm of prime land;
- Three street frontages;
- General Residential Zoning;
- Six, two bedroom units on one title;
- Potential fully-let income of $115,000 per annum; and,
- 200 metres from the Royal Botanic Gardens and Domain Road shops, cafes and restaurants and close proximity to schools, public transport and the CBD.
The property will be sold by Expressions of Interest closing Wednesday 6 October 2021 at 3pm. Mr Bisset declined to be drawn on price, however the property is expected to fetch circa $6 million.