Retail site with development potential up for auction in Port Melbourne

A retail and potential residential/commercial property at Port Melbourne on Melbourne’s bayside fringe is up for auction on June 24 through Teska Carson with expectations of more than $1 million.

The 149 Bay Street property comprises a two-level, 300 square metre, solid brick building with ground floor retail and further improvements which are currently vacant and accessed via a side walkway and/or rear lane. 

The 136 square metre site is zoned Commercial 1.

According to marketing agents, Teska Carson’s Matthew Feld and Michael Ludski, the rear and first floor space allow for conversion to residential or further commercial use subject to council approval.

Feld said the property presented purchasers with the opportunity to invest in a retail asset with significant upside.

Ludski said the property would be sold subject to a lease to Tony Codespoti – Barber Shop at $27,000 per annum.

“The area has seen extensive residential and commercial development in recent times, driven by Melbourne’s strong population growth, and property owners in the area have been the beneficiaries,’’ Ludski said.

The site is closed to Melbourne’s CBD and public transport.