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SOLD

87-91 Palmerston Crescent, South Melbourne, Vic 3205

Development Potential
DETAILS

Unbeatable South Melbourne Office

SOLD!


Colliers International is pleased to offer 87-91 Palmerston Crescent, South Melbourne For Sale by On-Site Public Auction on Wednesday 28th March 2018 at 1pm. This is an outstanding opportunity to acquire a prime city fringe asset that provides its future owner or investor the flexibility to utilise each space incorporating a mixed-use strategy. Alternatively, the strategic corner land parcel also opens up an opportunity to develop a high-end apartment outcome in the years to come. Located on the fringe of the most liveable city in the world, approximately 1.8km* south of the Melbourne CBD grid, this asset presents an opportunity like no other. Investment highlights include:

• A versatile South Melbourne asset, suitable for all buyer types including owner occupiers, investors and future developers
• Substantial corner land area of 352m²* and impeccable building area of 458m²*
• Prime locality, minutes from Albert Park and Domain Precincts
• Ground floor securely leased to busy cafe operator, “Early Bird is the Word”, with annual income of $58,240* per annum; 4% annual increases on a 5 x 5 year lease term
• Office space currently let at $150,000 which provides a total annual rental of $208,240 p.a.
• Ability to occupy the high quality office space at the expiry of that lease at October 2018. 
• Five undercover car parks on title, accessible via rear laneway
• Surrounded by world class lifestyle amenities including Royal Botanic Gardens, Shrine of Remembrance, Albert Park Lake and South Melbourne Market
• Well serviced by St Kilda Road tram links and set to benefit from the upcoming Domain Train Station; part of the $11 billion Melbourne Metro Tunnel Project

Remember to mention that you found this property on Developmentready.com.au

DEVELOPMENT SITE SUMMARY
SOLD:
SOLD:
Property Area
AREA:
352 m² (*approx)
Property Type
TYPE:
Commercial, Office, Other, Office, Other
Development Potential
DEVELOPMENT APPROVAL:
Prime Commercial development opportunity

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87-91 Palmerston Crescent, South Melbourne, Vic 3205
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