***UNDER OFFER***
Emmetts are delighted to present two adjoining City Fringe Freeholds to be offered in one line, providing outstanding opportunity for Value-Add Investors and Owner Occupiers as well as Developers seeking to capitalise on Collingwood’s emergence as a preferred city fringe location for office occupiers, hotels, restaurants, nightlife as well as artisanal production such as brewing and coffee roasting.
Key investment considerations include:
The Location
+ Located just 3 km north of Melbourne’s CBD and directly adjoining East Melbourne, Fitzroy and Abbotsford, Collingwood is one of Melbourne’s oldest suburbs and one of its trendiest.
+ The suburb combines Victorian residential and industrial heritage with modern cutting edge medium to high density residential apartment and office built form.
+ In 2021 Timeout names Smith Street the ‘Coolest Street in The World’ due a tenancy mix which widely reflects the brand of the suburb including Scandinavian furniture stores, edgy fashion retailers, eclectic giftware and book retailers, as well as world class restaurants, cafes, pubs, bars and night clubs.
+ Strong estimated population growth forecast of 65% by 2041 (Profile ID) with current population heavily weighted to 29 to 34 year holds reflecting a large educated talent pool.
+ The Commercial Precinct of Collingwood bounded by Wellington Street, Victoria Parade and Hoddle Street has seen significant improvement in food and hospitality activations including Allpress Espresso, Le Bon Ton, Stomping Ground, Streat, Lemon Middle and Orange as well as Rupert on Rupert.
+ Office development activity has also increased significantly with demand for Collingwood underpinned by brand alignment considerations, lifestyle amenities, access to talent pool, relative affordability and outstanding connectivity.
+ Office occupiers in the precinct include Aesop, T2, Lululemon, Fieldwork, Pure Baby, John Wardle, i2C, DKO Architects, Tony Bianco, Swisse, Providoor, Bank of Australia and Jetstar.
+ The property benefits from outstanding connectivity with three train stations within walking distance as well as several tram routes. The property is also well connected to Melbourne’s arterial road network including Hoddle Street / Punt Road and the M1 and M3.
The Property
+ Two adjoining titles to be offered in one line
+ Combined frontage to Rokeby Street of 64.21 metres*
+ Combined landholding of 2,193 square metres approx.
+ Right of way to the rear of 40 Rokeby Street.
+ Vehicle crossover from Rokeby Street into 50 Rokeby Street.
+ Existing improvements comprise sawtooth roof warehouse with concrete slab floors and brick walls and façade with metal deck roof with north-facing glass panels skylights.
+ The property is currently occupied by several warehouse and storage uses with lease terms providing flexibility to obtain vacant possession in the short term.
+ There are several value-add investment opportunities including building refurbishment to cater to strong demand from office tenants seeking warehouse style office accommodation as well as other uses such as restaurants and cafes or high value artisanal production such as brewing, distilleries, bakeries and coffee roasting.
+ Roof heights provide potential for installation of mezzanine level accommodation.
+ The total land size and vehicle access points may also provide opportunity for a more efficient land subdivision to cater to city fringe owner occupiers.
+ The property is also offered with the benefit of a valuable development permit for a commercial office scheme with plans endorsed for approximately 13,000 sq m of lettable space.
For further details, contact the Emmetts team as the exclusive agents.
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