August 24, Melbourne – A South Yarra office property with significant development potential has sold via online auction for $4.645 million on a 3.44 per cent yield through Dawkins Occhiuto.
According to selling agents, Dawkins Occhiuto directors Tim Grant and Andrew Dawkins, the property sold to a local investor who plans to landbank and develop the property down the track.
The auction, conducted by Paul Tzamalis from the Auction Company, attracted 39 parties with four bidders driving a result which put the land rate at $11,584sqm and the building rate at $15,280sqm.
Mr Grant said the refurbished building offered a great opportunity for owner-occupiers but also provided significant potential for a multi-level office or residential development.
``The sale further highlights the strong demand for quality property with upside in the South Yarra market and the limited number of opportunities currently available.
``We had quite a high level response from owner-occupiers but predominantly developers looking to maximise the site’s full potential and take advantage of the increasing demand for city fringe office and residential property,‘‘ Mr Grant said.
Located just 200 metres from the Jam Factory and Chapel Street and close to the Prahran Market and trains and trams, the 48 Wilson Street property comprises a single level, 304 square metre office building on a 401 square metre site zoned Activity Centre 1.
The site benefits from dual street access (Wilson and Ellis streets) along with a nine level height precedent set by surrounding developments.
The property is currently occupied by vendor Hatched Media which offered a 12 month leaseback at $160,000 per annum net. Hatched Media was advised by Advise Transact Managing Director and founder Mark Wizel.
Advise Transact is a full scale commercial property advisory firm which specialises in providing bespoke advice to commercial property owners with the view to maximising positive outcomes on a range of leasing, management and divestment fronts.
