Twin shopfronts for sale: Invest, occupy or develop on prime Collingwood strip
A rare pair of two-storey shopfronts has hit the market in one of Collingwood’s most established thoroughfares, opening up the potential to invest, occupy or develop the site.
Available to purchase together or separately, the two character-filled shopfronts at 66 and 66a Johnston Street are in a high-exposure position amid some of the suburb’s most vibrant strips.
Listed by Nick Bisset and Paul Lillis of Knight Frank Melbourne, the buildings are for sale for the first time in 36 years and have a combined land size of 237 square metres.
“It is rare to have two side-by-side offered to the market on the strip – properties in Johnston are generally tightly held for long periods of time,” Bisset and Lillis wrote.
“Typically, one freehold asset is too small a piece of land to develop, being around 120 square metres. Having two here makes it much easier.
“The site is also prime for redevelopment based on the 24-metre [six-level] height limit and 237-square-metre land area with multiple access points via rear laneways.”
The shopfronts sit opposite the iconic live-music venue The Tote, near the intersection of Wellington Street and close to tram lines and train stations. There is plenty of passing traffic from both vehicles and pedestrians.
“The properties are in proximity to arguably some of the best hospitality venues on Smith Street and Johnston Street: Jim’s Greek Tavern, Alimentari, Smith St Bistrot, Hotel Collingwood and more,” the agents said.
Number 66 is currently tenanted by Off the Kerb Gallery & Studios on a month-to-month lease, “who are motivated to stay at the location longer term”, Bisset and Lillis said. The land size is 123 square metres with a building area of 110 square metres.
While 66a has the same total building area, its lot size is slightly smaller at 114 square metres. This building is vacant, recently renovated and primed for an incoming tenant.
“Alternatively, both spaces could be owner-occupied by single or multiple businesses given the vacancy and ability to end the month-to-month lease,” the agents said.
These spaces would suit retail, an art gallery, a showroom, a creative studio, an office or other use, subject to council approval.
