52 Madden GroveBurnley VIC 3121
Property Details for 52 Madden Gr, Burnley
Last Listing description (June 2024)
OBVIOUS
A location known to many foodies across Melbourne and occupying a premier corner position!
Currently offered with a commercial retail tenancy in place, however, presents potential for future residential or development opportunity (STCA).
Positioned on approximately 185m2 of commercial zone 1 land and securely leased to the renowned "Serotonin Cafe," offering a steady income stream. With exciting future upside for investors, developers, and owner-occupiers. The property consists of an open-plan single-level building with a polished concrete floor, and rear/side access via Stawell Street to the courtyard.
With an annual return of $47,750*, set to increase to $49,183* per annum on 25/03/2024, with the tenant covering all the usual outgoings.
Terms of Lease:
Three years starting on 25 March 2022
Review Dates: Fixed increases of 3% on 25 March 2023 and 25 March 2024
Further terms: Three further terms of three years each
Land size: 8.23m x 21.1m approx.
Land area: 185 sqm approx.
A city-edge location within the immediate vicinity of Monash Freeway, Swan Street, and Bridge Road retail shopping and bar/cafe/restaurant precincts, and walking distance to Burnley train station.
SEALS THE DEAL
A landmark 3121 acquisition and the perfect addition to any strategic investment portfolio, this is your chance to secure a commercial investment with both immediate returns and the potential for substantial future growth.
52 Madden Grove, Burnley, is offered for sale via Expressions of Interest closing Thursday 14th December 12:30 pm (AEDT).
Property History for 52 Madden Gr, Burnley, VIC 3121
- 07 May 2024Sold for $1,160,000
- 28 Mar 2024Listed for Sale Not Disclosed
- 17 Nov 2023Listed for Sale THE DEAL: $1.25M - $1.375M
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About Burnley 3121
The size of Burnley is approximately 1.1 square kilometres. It has 6 parks covering nearly 48.9% of total area. The population of Burnley in 2011 was 738 people. By 2016 the population was 791 showing a population growth of 7.2% in the area during that time. The predominant age group in Burnley is 20-29 years. Households in Burnley are primarily childless couples and are likely to be repaying $2400 - $2999 per month on mortgage repayments. In general, people in Burnley work in a professional occupation. In 2011, 48.6% of the homes in Burnley were owner-occupied compared with 48.5% in 2016.
Burnley has 635 properties. Over the last 5 years, Houses in Burnley have seen a 12.22% increase in median value, while Units have seen a 5.02% increase. As at 31 October 2024:
- The median value for Houses in Burnley is $1,438,197 while the median value for Units is $664,203.
- Houses have a median rent of $850 while Units have a median rent of $500.
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