South Melbourne commercial investment on auction

A leased commercial building on Clarendon Street, one of South Melbourne’s best known and most popular streets, has been listed for November 16 auction.

It is expected to fetch circa $2.5 million.

The 392 Clarendon Street property is situated on the western side of Clarendon Street between Park and Napier streets.

It comprises a restored former 1850s hosiery mill, with 307 square metres of floorspace over three levels (plus basement) including ground floor retail, 10 consulting rooms and several bathrooms.

The 140 square metre site has seven metres street frontage while a laneway provides rear access to two on-site car parks.

Renovated and refurbished since 2003, the building has been rewired, has full led lighting, a large air-conditioner on the top floor (approximately two years old), air-conditioners in all treatment rooms, and three gas fireplaces.

The property will be sold subject to a new five year lease to Body Freedom Day Spa - one of Melbourne’s leading providers of wellness services - at an annual net rental of $100,000.

According to marketing agents, Teska Carson the property was one of the best city fringe investment offerings to come to the market this year.