7 Paisley StreetFootscray VIC 3011
Property Details for 7 Paisley St, Footscray
Last Listing description (October 2023)
PRIME LOCATION + HIGH FOOT TRAFFIC + NEW LEASE TO PROVEN FRANCHISE BUSINESS
Gross Waddell ICR is delighted to present a remarkable investment opportunity at 7 Paisley Street, Footscray, which combines a coveted location, a new lease with an established franchise business.
This property offers a range of compelling features:
New five (5) year Lease with a further five (5) year option
Gross Lettable Area - 241sqm* + Rear Lane Access
In the heart of Footscray's Retail Precinct
Key Investment Highlights:
Securely leased to "New York Minute," one of Melbourne's leading burger chains, with a strong presence of six (6) stores across Melbourne CBD and Metropolitan areas.
The property boasts a new 5-year lease (Commenced 13/4/23), with an additional option through to 2033.
Expect a stable and attractive rental income of $68,182* per annum net, with fixed annual increases of 4%.
Enjoy the benefits of an Activity Centre Zone (ACZ1), complemented by rear lane access.
This property is strategically located in a tightly held retail precinct, offering immediate access to public transportation, including buses, Tram and Footscray Train Station.
Situated approximately 5 km's west of Melbourne's central business district (CBD) with ease of access to major arterials.
For further details or to schedule an inspection, please don't hesitate to contact Gross Waddell ICR directly.
(*All figures are approximate.)
Property History for 7 Paisley St, Footscray, VIC 3011
- 21 Jun 2024Sold for $1,252,000
- 28 Sep 2023Listed for Sale Contact Agent
- 27 Jun 2019Listed for Rent - Price not available
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0About Footscray 3011
The size of Footscray is approximately 5 square kilometres. It has 25 parks covering nearly 15.1% of total area. The population of Footscray in 2011 was 13,202 people. By 2016 the population was 16,336 showing a population growth of 23.7% in the area during that time. The predominant age group in Footscray is 20-29 years. Households in Footscray are primarily childless couples and are likely to be repaying $1800 - $2399 per month on mortgage repayments. In general, people in Footscray work in a professional occupation. In 2011, 42% of the homes in Footscray were owner-occupied compared with 36.6% in 2016.
Footscray has 14,292 properties. Over the last 5 years, Houses in Footscray have seen a 8.94% increase in median value, while Units have seen a 14.88% increase. As at 31 October 2024:
- The median value for Houses in Footscray is $950,860 while the median value for Units is $495,776.
- Houses have a median rent of $570 while Units have a median rent of $500.
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