Melbourne's historic Tripovich St market building sells at auction

Melbourne's historic Tripovich St market building sells at auction
Melbourne's historic Tripovich St market building sells at auction

Melbourne's first ever self-service market, in industrial Brunswick, dating back to 1930 — the same year famous racehorse Phar Lap won the Melbourne Cup — has sold under the hammer for $2.8 million.

The vendor had price expectations of more than $2.65 million.

The 1 Tripovich Street rendered brick building was built in the eclectic 'Spanish Mission' style, with its architectural flair contrasting with the established linear pattern of Victorian style shops and homes along Sydney Road, according to the property’s description.

The building - complete with rare timber Belfast truss roof structure - remains the only Spanish style market building ever built in Victoria and thus has special architectural, historical and social importance.

Melbourne's historic Tripovich St market building sells at auction

Set in a Commercial 1 Zone, the property is set on a land area of about 709 sqm.

The two levels of the building make for nearly 1,115 sqm of usable floor space. 

Four mezzanine studio apartments (with separate entrances) are spread across the east-facing front facade, returning a combined total of $51,000 per annum. 

The vendor has lodged plans with the council to have these one-bedroom units individually titled.

Along with the rest of the building, these apartments enjoy high occupancy rates due to their location right on the doorstep of cafes and transport.

The second half of the building (fronting both Tripovich and Ballarat Street) is not for sale. 

Inside the old Brunswick Market, tenants include Bey Dance Studio and the vendor’s existing business Insegna Booksellers. There are separate offices, market stalls/cubicles, a designated kitchen/dining area and amenities. With existing leases already totalling a tick over $104,000 and much of the building either still available to be rented or taken up by the bookshop, a potential annual return of $200,000-$250,000 can be expected.

The selling agent was Jason Padula of Barry Plant.

Tags: 
Retail Property Commercial Sale

Comments

Be the first one to comment on this article
What would you like to say about this project?