Armadale commercial site comes onto the market
A 19th century warehouse, in the Melbourne suburb of Armadale, has come onto the market.
The split-level, 185 square metre site at 2A Myamyn Street is used as a commercial warehouse, with an annual rental return of around $60,000.
Current tenant, Custom Lighting, has a lease until April 2020.
According to Jellis Craig’s Nathan Waterson, the sites premium location offered development potential unseen anywhere else in the area, which has inspired several developers to express preliminary interest.
“This property is perfectly located in the heart of Armadale. It’s only mere metres from High St, two turns from Albany Rd, and with dual street frontage on a private laneway it’s a very rare opportunity."
“There isn’t anything else quite like it in the local area. Property in Armadale is tightly held, with the vast majority either residential or retail.
“We’ve seen less than 10 commercial property sales in the area this year and every one of those has been an existing retail space. That tells you about the very rare nature of this property, and the virtual ‘blank canvas’ it presents," Waterson said.
The property last traded in 2015, when it sold for $1,715,000.
The sought-after suburb of Armadale has a median residential sale price of $1.975 million.
It will be sold at auction on November 30.