Collingwood apartment development site listed with $6.5m expectations
A Collingwood develpment site has been listed by Gray Johnson in conjunction with Nelson Alexander Commercial.
ffers fr the development opportunity in Collingwood close September 21.
Located at 73-77 Sackville Street the property has thirty metres of frontage to Sackville Street.
The 916 sqm site is being marketed as a "strategically located property" judged to have significant residential development potential.
Positioned between Wellington and Gold Streets the site is only minutes away from Smith Street judged in a recent international survey as “the coolest retail and entertainment street in the world.”
It is a single level clear span office warehouse tenanted by Easy Living Hire which pays a current annual rental of $122, 003 net, plus outgoings.
The tenant holds a three year lease until May 2024 with one further three year option, with three percent fived annual rental increases.
However, the lease includes a demolition clause should the purchaser seek to create a development on the site.
Gray Johnson director Matt Hoath says that under the City of Yarra Planning Scheme the property is zoned Commercial 1.
The 73-77 Sackville Street site is in an area which has seen multiple high profile new developments over recent years including the BPM project at 4-6 Gold Street.
“The offer of this property deserves the attention of builders and developers even land bankers given the lease tenancy with its demolition clause."
