Swan St KFC site listed with $9 million hopes

Swan St KFC site listed with $9 million hopes
Swan St KFC site listed with $9 million hopes

A commercial building leased to fast-food chain KFC in Melbourne’s inner eastern suburb of Richmond has been listed for auction and is expected to fetch more than $9 million. 

The 324-328 Swan Street property will go under the hammer on October 26.

Situated in the heart of Swan Street, arguably Melbourne’s most prestigious showroom location, the site has an area of 1,289 sqm with the two-level, 255 sqm building covering only 20 per cent of the site. 

It is zoned Commercial 1 under the City of Yarra Planning Scheme, with frontages to Swan Street and Coppin Street.

Commercial 1 Zone promotes mixed-use commercial centres for retail, office, business, entertainment and community uses, as well as residential uses at densities complementary to the role and scale of the commercial centre.

The marketing is being handled by Teska Carson’s Tom Maule and Michael Taylor.

The property will be sold subject to a five-year lease that started in March 2016 to KFC at $191,105 per annum plus outgoings and GST.

The lease includes three per cent annual increases.

Maule said the property represented a high-profile corner landbank opportunity.

“The property is securely leased to international tenant KFC and underpinned by tremendous future development potential. 

“In recent years, Swan Street has transformed into arguably Melbourne’s best city fringe showroom strip with a plethora of retail, cafés and restaurants and many other lifestyle amenities and so any opportunities like this are highly sought after,’’ Maule said. 

Taylor said the zoning provided the future owner with an ideal site for multi-level residential development.

“Currently $250 million of residential projects are in the planning pipeline for this Swan Street corridor which is transforming the landscape into a highly desirable residential precinct.

 

 

Tags: 
Richmond Commercial Auction

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