Corner Prahran retail with development potential to go under the hammer

A corner property with development potential in Prahran will be auctioned September 13.

Located at 182-194 Commercial Road on the corner of Izett Street, the property is situated opposite Prahran Market.

The property comprises three double storey, double fronted Tudor style commercial buildings, with a variety of retail and office tenancies in excellent condition which benefit from outstanding street exposure.

The building sits on an 1126 square metre site, zoned Activity Centre, with three separate titles offering a combined frontage of 28 metres to Commercial Road and 40 metres to Izett Street as well as a rear laneway boundary of 28 metres.

Activity Centre zoning encourages intensive development as a focus for business, shopping, working, housing, leisure, transport and community facilities.

The property will be sold subject to multiple tenancies on lease expiries returning a combined $365,808 per annum net.

According to marketing agents, Teska Carson’s Adrian Boutsakis and Michael Ludski, the property offers "exceptional" development upside.