Rare commercial offering in trendy South Melbourne
Savvy investors should take note of calls for Expressions of Interest in a rare commercial opportunity in South Melbourne.
Erected on a landmark corner block of Dorcas Street and Eastern Road, Selling agent Ryan Trickey says this two story brick building has been completely retrofitted to accommodate 7 reliable tenants.
“The beauty of this property is that of the 7 leases, no single tenant takes up for than 29% of the building, offering security for any investor. Income isn’t tied to one or two anchor tenants, so risk for the landlord is very minimal,” Mr Tickey said.
“This building is very well know and in a highly visible spot, with uninterrupted views to the North up Dorcas Street looking towards the Melbourne Arts Centre and Southbank, which is only 1.5 kilometres away,” he said.
“There is no money to spend, the building having recently been completely retrofitted by fastidious owners who have also ensured all preventative maintenance is complete.”
The rental return on the building is around the $250 000 mark, and there is potential to expand on the opportunities this commercial property provides.
“While an extremely solid investment as is, there is obviously potential to create additional stories or commercial spaces for lease pending council approval,” Mr Trickey said.
“There are very few buildings like this available, and given the location and marketability this is certainly an opportunity not to missed,” he said.
Images can be found here.
Check out our virtual tour of the property here.