Strategic acquisition opportunity in Richmond

Teska Carson is marketing a strategic commercial investment opportunity suitable for investors, owner-occupiers and developers in what is one of the most tightly held city fringe precincts in Melbourne. The Richmond property is for sale by Expressions of Interest closing Wednesday, March 30 at 3pm.

Located at 7-9 Albert Street, just off Church Street’s vibrant Golden Mile precinct, the property comprises a 682 square metre, two level, brick building which has been extensively renovated, to create an immaculate office, featuring natural light, a range of open plan areas, meeting and boardrooms, and multiple breakout areas. 

The rectangular, 492 square metre site, zoned Commercial 2 under the City of Yarra Planning Scheme, has nearly 16 metres frontage to Albert Street and benefits from rear access via Sanders Place. The property also includes a number of off-street carparks and substantial storage areas.

The property will be sold subject to a three year lease, expiring March 2024, with a three year option, currently returning $230,000 per annum plus GST & outgoings and 3.5 per cent annual reviews.

According to marketing agents, Teska Carson’s Luke Bisset and Matthew Feld, the property is located in one of the most tightly held city fringe precincts in Melbourne. 

``Dubbed the innovation capital of Australia, this is an exceptional location for commercial users in a vibrant and prosperous city fringe suburb which is now arguably Melbourne’s premier office/showroom location. It offers owners and tenants a non-CBD address of distinction along with numerous lifestyle amenities that few commercial precincts can match,’’ Mr Bisset said.

That the Richmond commercial precinct is currently one of Australia’s most sought after, is underlined by the number of leading communications, technology, retailing, marketing and advertising businesses that now call it home, including REA Group, Red Energy, Carsales.com.au, MYOB, Walt Disney, 7 Eleven, Uber, Tesla, Seek and Reece. 

Mr Feld said such properties, so close to the CBD were becoming increasingly hard to find.

``If you get the opportunity to invest in one of these properties you take it because it has such great investment credentials for a range of buyers from owner-occupiers to developers to private investors,’’ Mr Feld said.

He said the property’s key attributes included:

• Extensively renovated building;
• Secure lease;
• Exceptional city fringe location;
• Access to first rate amenities;
• Easy access to public and private transport options;
• Close proximity to the CBD;
• Excellent growth potential;
• Flexible zoning; and,
• On-site parking.