Teska Carson is marketing an owner-occupier or investor opportunity in the heart of South Yarra’s commercial and retail precinct. The property will be auctioned on Thursday, November 25, at 12pm.
Located at 555B Chapel Street, opposite the Colonade Shopping Centre, the property comprises a low maintenance and well-presented single level, 154 square metre building featuring open plan spaces, a spacious mezzanine area, an abundance of natural light, and polished concrete floors.
The 137 square metre site zoned Activity Centre has nearly five metres frontage to Chapel Street and on-site parking at the rear.
Activity Centre zoning aims to encourage a mixture of uses as a focus for business, shopping, working, leisure, transport and community facilities, including delivering a diversity of housing at higher densities.
The popular local precinct includes Chapel Street and Toorak Road shopping strips with numerous national retailers, restaurants and cafes, the Jam Factory, Capital Grand and The Como Centre, and transport options including trams and South Yarra railway station.
According to marketing agents, Teska Carson’s, Reece Israel and Michael Ludski, the property offers an exciting opportunity in one of Melbourne’s most iconic retail precincts.
``This is an excellent investment or owner-occupier opportunity to purchase a first rate building in the absolute epicentre of what is an iconic retail strip and one of Melbourne’s most sought after inner city areas.
``South Yarra is now recognised as a major commercial, retail, educational and lifestyle hub
with an abundance of established national and local retailers and fine dining and entertainment venues, that continues to attract new business and residents.
``Its acknowledged reputation for liveability and population growth along with its affluent demographic will be noted by prospective purchasers as likely to continue to deliver rental and capital growth,’’ Mr Israel said.
Mr Ludski said the property also benefitted from its close proximity to Melbourne CBD, just four kilometres away.
Recent high-profile office development, along with residential projects currently approved or under construction in the South Yarra precinct, are an excellent indicator of the desirability of the area, Mr Ludski said.
He said the property’s key attributes included:
- Sought after South Yarra location;
- A flexible mix of retail, office and storage space;
- Close proximity to all essential amenities and the CBD;
- Activity Centre zoning; and
- Vacant possession.
