Luke Bisset and Matthew Feld of Teska Carson are marketing a Collingwood warehouse, with potential development upside, that has been held in the same family for more than 100 years. The property will be auctioned on Thursday, April 22, at 1pm on site.

Located at 73 Isllngton Street, on the western side of the street in the heart of Collingwood, the property comprises a 734 square metre, single level, clear span, brick warehouse with multiple partitioned offices.

The 770 square metre site is zoned Commercial 2 with 20 metres street frontage, RSD access to Islington Street and off-street parking for four cars. Commercial 2 zoning aims to encourage commercial areas for offices, appropriate manufacturing and industries, bulky goods retailing, other retail uses, and associated business and commercial services.

The property will be sold subject to a lease to 25 year tenant, Collingwood Automotive Repairs, expiring April 2023 with a three year option and currently returning $64,000 per annum net with a market review at the option.

According to marketing agents, Teska Carson’s Luke Bisset and Matthew Feld, the property offers a great opportunity for investors and/or developers with an eye to future commercial development in one of Melbourne’s most desirable suburbs and just three kilometres from the CBD.

“While tenanted at least until 2023 this property offers an immediate opportunity for investors. The large, 770 square metre, allotment, paired with favorable Commercial 2 zoning, also provides a range of future development options (STCA),’’ Mr Bisset said.

He said Collingwood had long been one of the best performing city fringe suburbs underpinned by great lifestyle amenity and an unrivalled location with respect to the CBD.

 “At only three kilometres from the Melbourne CBD, Collingwood has been earmarked as a location that will rapidly transform in the coming years as one of the most desirable suburbs in Melbourne to both live and work,’’ Mr Bisset said.

Mr Feld said Collingwood had already attracted the likes of CBUS Property, Salta Property Group, and Grocon as well as tenants of the calibre of Aesop, Swisse and Jetstar.

“This is now a vibrant suburb which hosts a range of warehouse conversions and is fast becoming a mecca for corporate headquarters,’’ Mr Feld said.

Mr Feld, said the property’s key attributes included:

• Sought after Collingwood location;
  Excellent investor and developer potential;
• Commercial 2 zoning;
• Wide street frontage;
• Close to the CBD; and,
• Secure lease to longstanding tenant.

To request a copy of the Information Memorandum please email either of the marketing agents via the contact forms below.