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28-32 Albermarle Street, Kensington, VIC 3031
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Property Highlights

APPROVED PLANS. PRIZED LOCATION.

POINT OF INTEREST:

Imagine a place where design meets functionality. Where light filled indoor spaces are seamlessly integrated with the environment outside and lifestyle is a choice without compromise. This is what has been carefully taken into consideration when designing this exciting new development opportunity at 28 – 32 Albermarle Street, Kensington - located on the city's edge. 

Fast becoming one of the most sought-after suburbs for professionals, families and residential investor’s keen to benefit from this already well-established community vibe, Kensington truly has it all. With walking distance to local shopping, cafes and walking tracks, the choice of either Macaulay and Kensington train stations and close proximity to North Melbourne, Flemington Racecourse and the CBD, this precinct is set to soar with the development of the new Arden railway station just nearby, connecting directly to the Melbourne Tullamarine Airport by 2029 - https://metrotunnel.vic.gov.au/construction/north-melbourne/arden-station 

THE SITE:

- 746 sqm* land area

- 600 sqm* single level brick warehouse

- 25 metres* street frontage

- Dual street aspect with laneway access

- On the fridge of the Arden Urban Renewal Precinct

THE DEVELOPMENT:

- Approved planning permit for 36 specialized units

- Including 2 ground floor commercial spaces

- Mixture of 1 and 2 bedroom apartment plus generous outdoor spaces   

- 6-storey development plus basement parking level

- Bike rack storage area

THE INCOME:

- Currently leased to Marcus Group Pty Ltd

- Rental of $42,000.00p.a. plus outgoings and GST

- Lease term of 3 years and 9 months plus further 2 year option.

- Each party may terminate the lease with 30 days written notice. (as per lease agreement conditions)  

POINT OF VIEW:

With city fringe residential developments in short supply and huge growth in build-to-rent projects, developers are searching for suburbs that can already offer more than just four walls. Kensington, with it's transport links, public transport, local schools and village style shopping ticks every one of these important boxes.   

*Approx.

Pricing excludes GST

Remember to mention you found this property on DevelopmentReady.com.au

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