Richmond building with dual tenancy listed

A well located retail and residential investment at Richmond on Melbourne CBD’s eastern fringe is on the market.

The 129 Burnley Street property was listed for auction on September 13 with expectations of about $1.2 million.

According to the last update on www.realcommercial.com.au, it was still listed for sale through Teska Carson.

The two-level Victorian terrace building has an area of 259 sqm, and includes a ground floor retail/commercial and first floor residential accommodation with separate access.

The ground floor is currently being utilised as a laundromat, while the first floor houses a two-bedroom apartment.

According to marketing agents, Teska Carson’s Tom Maule and Larry Takis, the property will be sold subject to two leases totalling $59,611 per annum.

The property is in one of Melbourne’s most popular restaurant, fashion and entertainment precincts, within walking distance of both Victoria Gardens Shopping Centre and Bridge Road retail.

"This property is situated in what is undoubtedly one of Melbourne’s best inner suburbs where demand for property from investors, developers, owner-occupiers and tenants is very high and will remain so for the foreseeable future while Melbourne’s population growth continues," said Maule.

"It is ideally suited to an investor or owner-occupier seeking a well-presented commercial property with the benefit of dual tenancies and the prospect of both rental and capital growth.’’