A warehouse with redevelopment potential in Prahran is expected to fetch more than $1.45 million when it goes to auction next month.
It will be the first time in more than 40 years that the 11-13 Regent Street property has been offered for sale, say Teska Carson agents.
The single-level 210-square-metre building is in a laneway 60 metres from bustling High Street and plenty of retail, cafes, supermarkets, restaurants, says agent George Takis, who is marketing the property with colleague Barry Novy.
“Prahran has fast become one of Melbourne’s most desirable inner-city locations attracting numerous commercial and residential developments and that has been largely driven by its location,” Mr Takis said.
The property will be sold subject to a short-term lease to Big Blue Corporation, trading as ORB Lock Company, at a current rental of $32,096 per annum net.
Mr Novy said the property would suit a range of buyers including owner-occupiers, investors and developers.
“The property offers numerous options including continuing the existing use for an owner-occupier or investor, but also offers potential for redevelopment given its Commercial 1 zoning,” Mr Novy said.
“New development, especially mixed-use retail-residential development, has increased markedly in this area in recent years driven by rapid population growth which is forecast to continue as Melbourne challenges Sydney as the nation’s population capital.
“This population expansion will ensure that property values in the area will continue to grow and provide owners with solid investments.”