An incredibly rare large-scale inner-city landholding just 100 metres from Lygon Street in highly sought-after Brunswick has sold for $4.85 million.

Fitzroys’ Brent Glassford, Marco Sandrin and Mark Talbot sold 160-164A Victoria Street on behalf of the Israel-based Priwler family, who built the warehouses on the site in the 1960s.

The sale price reflected an ultra-sharp 1.95% yield.

The significant 2,679sqm site is uniquely hybrid-zoned, being partly zoned Neighbourhood Residential 1 and Industrial 3. It comprises five independent warehouses totalling 1,921sqm of building area with central road access.

The property was offered fully leased to a variety of established tenants with highly flexible lease profiles.

“We received interest from developers, value-add players, land bankers and owner occupiers. Investors were particularly prominent in the enquiry, keen to landbank the site given the leases in place.

“The purchaser is a passive investor who will landbank the site for many years to come. Large-scale landholdings in Melbourne’s inner north are particularly rare to find at the moment, especially those so close to a busy lifestyle and hospitality strip,” Talbot said.

“This particular part of Lygon Street is going through a major transition, emerging as a major contributor to the renowned hospitality and lifestyle offering of Melbourne’s inner- north in its own right.

“The purchaser can enjoy a consistent cash flow while assessing their options for the site, as Lygon Street and the surrounding area continues on its growth trajectory.”

Multiple medium and high-density developments on and around Lygon Street have boosted the immediate catchment of the strip, enhancing day-to-day trade and the nightlife, supporting a high-quality mix of restaurants, eateries and bars.

 “Brunswick continues to generate strong demand from investors and developers. Well- located and well-connected inner-suburban locations close to quality lifestyle amenity have become overwhelmingly popular, particularly at a time of flexible working arrangements,” Talbot said.

The property is just moments to the Route 1 and 6 tram routes, and is also just 750 metres from the Sydney Road lifestyle and hospitality strip - the longest in the southern hemisphere.

To request a sales analysis please contact one of the selling agents Fitzroys’ Brent Glassford, Marco Sandrin and Mark Talbot via the contact details below. 

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