Mulcahy Butera is delighted to offer for sale a rare inner city, northern fringe landholding.
Located within the densely populated and re-gentrified suburb of Fitzroy North, 197- 205 St Georges Road can be purchased as a whole or as 2 individual titles with 197 - 201 St Georges Road offering vacant possession and 203 - 205 St Georges Road providing an income stream until 2029.
With enormous development upside (stca) and existing income, rarely does the market get spoilt with an opportunity that delivers on key property dynamics and a remarkable location - we summarise as follows this exciting offering:
IMPROVEMENTS
2 adjacent single level commercial buildings, with 197- 201 St Georges Road being offered with vacant possession and 203 - 205 St Georges Road offered with a lease until 2029.
197- 201 St Georges Rd - A clear span Showroom/Warehouse of approximately 500 square metres providing front and rear access and dominant street frontage of 17.5 metres. The building is predominantly brick in construction, with a metal roof with parking accessable via the ROW at rear. This property has been owner occupied since the mid-1990's and now, with the view to retirement, the vendor is prepared to offer either a long-term settlement or a leaseback over a short to medium term horizon.
203-205 St Georges Rd, North Fitzroy - Transformed in 2014 into a fine dining Restaurant from previous uses which include a Fruit n' Vegetable Shop and a clothing/knitwear factory. Covering a total area of 390 sqm the property has front and rear access with an 11.7 metre frontage to St Georges Road.
The tenancy details are:
• Lease Term plus Option - 5 Years x 5 years
• Commencement Date - 22 October 2019
• Current Rental - $93,309.00 per annum NET
LOCATION
Located on the western side of St Georges Road, approximately 118 metres south of its intersection with Scotchmer Street.
Public transport is available via a Tram line which extend from West Preston to the North through to Docklands and St Kilda beach to the South. Bus lines operate along Scotchmer street which runs east west over Nicholson Street to the West and extends through to Clifton Hill and its surrounds through to the east.
TERMS OF SALE
197 - 205 St Georges Road Fitzroy North is being offered For Sale by Expression Of Interest (EOI), closing Thursday 16th of June at 4pm.
The properties can be purchased as a whole or as 2 individual offerings.
Terms of sale call for a 10% deposit upon signing contract with vendor providing a flexible settlement, with particular emphasis on 197-201 St Georges Road.
A Vendor Statement for each property is available upon request.
What a remarkable offering we have, looking forward to your enquiry.
Remember to mention you found this property on DevelopmentReady
