A well located, free standing office building within the 'Lake Precinct' of South Melbourne. Zoned Commercial 1 providing a distinct opportunity for a future residential development which would best exploit the natural characteristics and advantages of the area.
Recently an office in in Park St sold at $5,550 PSM building office area. 19-25 Raglan St at say $5.25m, the building rate PSM here is $3,096, $2,454 PSM less than that achieved for Park St, a much lower rate PSM for a larger building. This modern style 4 level office building of approximately 2800 m2 gross building area, incorporating 21 on-site, undercover car parks. Boasting recently refurbished landscaped native gardens and entrance foyer. Serviced by lift, each floor is fully self-contained. Levels 1 & 2 are currently available for lease, these broad, north facing, open plan spaces are suitable for a wide variety of commercial applications.
The current net income is $162,919.44
Levels 1 & 2 which consist of 1,126m2 plus 11 car parks. Currently available for lease at $225.00 per sqm per annum net plus $225.00 per car, per month.
On a fully net basis the property would generate $442,803.00 net per annum before any vacancy period and leasing incentive.
Disclaimer:
We have obtained all information in this document from sources we believe to be reliable, however, we cannot guarantee its accuracy. Prospective purchasers/lessees are advised to carry out their own investigations
