October 18, Melbourne – Teska Carson is marketing an exceptional corner showroom investment with development potential at Mentone, one of Melbourne’s fastest growing bayside suburbs. The property will be auctioned on Wednesday, November 10, at 12pm.
The 34 Nepean Highway property comprises a prominent 439 square metre, single level, showroom/warehouse on a 548 square metre site, zoned Commercial 2, with Nepean Highway frontage of just over 16 metres as well as 34 metres to Winsome Street and 12 metres to Flinders Lane at the rear.
According to marketing agents, Teska Carson Directors, George Takis and Michael Taylor, the property will be sold subject to leases to St Vincent De Paul, JC Decaux, and Telstra, with a passing rental of $151,302 per annum.
Mr Takis said the well located and versatile building was one of very few retail/showroom properties in Mentone with the combination of Nepean Highway frontage and potential development upside.
``This precinct of Mentone is tightly held and home to many well known local and national tenants that have benefited from an exceptional trading location with exposure to one of Melbourne’s busiest arterials.
``The success of the location has also been about the attraction that this bayside suburb has as a residential address and that is reflected in the number of highly rated schools in the area along with an upsurge in development in recent years,’’ Mr Takis said.
He said the precinct also offered access to the Bayside’s best beaches and close proximity to Melbourne CBD.
``To find a property such as this, in this precinct, securely leased with potential development upside, is a definite rarity and one which should attract a high level of interest,’’ Mr Takis said.
Mr Taylor said the appeal of the location on the Nepean Highway was the key to the property’s value.
``The Nepean Highway is one of Melbourne’s major arterial routes providing a key transport link to the bayside suburbs and exposure to 100,000 vehicles a day.
``A property with that sort of exposure near to Melbourne’s demographic centre provides exceptional business catchment potential and therefore tenancy demand, but it will also appeal to developers interested in exploring the property’s medium term development potential,’’ Mr Taylor said.
