Corner site in Melbourne's Prahran expects to net $9 million plus

A corner site in Melbourne's Prahran is up for sale by expressions of interest closing April 20 and is expected to fetch more than $9 million.

The 10-16 Cecil Place property is close to the popular retail and entertainment precinct of Chapel Street.

The 1,271 square metre site comprises two self-contained office buildings: 10 Cecil Place – a two-storey office building of 881 square meres with 20 car spaces, and 12-16 Cecil Place – another two-storey office building of 459 square metres with 11 car spaces.

The buildings are securely leased to four tenants at a combined net rental of nearly $365,000 per annum.

The property is zoned Commercial 1 and is being sold through Teska Carson agents Michael Taylor and Michael Ludski, along with Marshall White Project’s Leonard Teplin.

"The property presents a significant acquisition opportunity of the highest calibre in one of Melbourne’s most sought after suburbs, suitable for development in the short term or land banking given the significant improvements and further income potential," Taylor said.

There is a development scheme for 104 units in place.