'Unloved' property in Melbourne's Abbotsford to go under the hammer

A Commercial 2 zoned property in Melbourne's Abbotsford will go under the hammer on May 11 with price expectations of around $800,000.

The 178-180 Hoddle Street property, on the corner with Yarra Street, may look "unloved", say listing agents Scott Ashby and Matt Hoath of Gray Johnson, but the vacant possession property presents a great opportunity to acquire a sub-$1 million city-fringe property that is ready for redevelopment.

The site area is 267 sqm.

“The most recent occupier of this property was a picture framing business but historically a diversity of businesses from a butcher, to a doctor’s surgery, funeral parlour and art gallery have occupied this property,” said Matt Hoath.

The Victorian-style facade over two levels and part of the existing building structure may provide the structural basis for an office, retail or multi-use redevelopment.

The rear portion of the property has been cleared in readiness for the auction.

The property is well located for access to the nearby Smith and Victoria Streets and close to Collingwood railway station.