170-174 Abbotsford StreetNorth Melbourne VIC 3051
Property Details for 170-174 Abbotsford St, North Melbourne
Last Listing description (November 2023)
We don't use the term "Rare Find" loosely.
The versatility of use that this property offers is endless (STCA)!
OWNER OCCUPIERS
* Jointly run a business and live in
* Maybe add a couple of light weight floors above to live where you work
* Continue the use as a gallery
DEVELOPERS
* It is 557sqm* of land with a 10.5m* height limit
* Flexible Mixed Use zoning
* Ideal site dimensions and two street frontages
INVESTORS
* Leased to long-standing tenant: Gallerysmith
* Rental at $83,200 per annum net (at March 2024)
* Lease expiry March 2025 (no option)
* Plenty of market rental upside
* Tenant interested to stay
All of the above are just ideas subject to council approval and whether or not the building is built to allow additional levels. However, continuing the theme of a rare find, the location can only be regarded as very accessible.
* The CBD positioning is obvious
* Close to two (2) exit/on ramps onto Citylink freeway which links to all the other freeways
* Close to the new "West Melbourne" train station (soon to be completed)
* Historic retail precinct at Errol Street
And is it great to have some short-term income so there is no GST payable. However, the Art Gallery is a great use for the building and worthy of inspection.
For further details or to arrange an inspection please contact:
Julian Vautin 0420 406 660
Matt Nichols 0418 186 488
OPEN FOR INSPECTION:
Wednesday 22nd November: 10am - 10.30am
Wednesday 29th November: 10am - 10.30am
Wednesday 6th December: 10am - 10.30am
PLEASE NOTE:
* All information and measurements are approximates. Please refer to Contract of Sale and/or Lease documentation. All images subject to copyright. Unauthorised use is strictly prohibited.
Property History for 170-174 Abbotsford St, North Melbourne, VIC 3051
- 13 Dec 2023Sold for $3,850,000
- 16 Nov 2023Listed for Sale Contact Agent
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About North Melbourne 3051
The size of North Melbourne is approximately 2.4 square kilometres. It has 12 parks covering nearly 4.7% of total area. The population of North Melbourne in 2011 was 11,755 people. By 2016 the population was 14,948 showing a population growth of 27.2% in the area during that time. The predominant age group in North Melbourne is 20-29 years. Households in North Melbourne are primarily childless couples and are likely to be repaying $1800 - $2399 per month on mortgage repayments. In general, people in North Melbourne work in a professional occupation. In 2011, 31.4% of the homes in North Melbourne were owner-occupied compared with 28.5% in 2016.
North Melbourne has 11,895 properties. Over the last 5 years, Houses in North Melbourne have seen a 9.83% increase in median value, while Units have seen a 13.41% increase. As at 31 October 2024:
- The median value for Houses in North Melbourne is $1,357,465 while the median value for Units is $527,495.
- Houses have a median rent of $700 while Units have a median rent of $540.
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