Developer pays $3.8 million for mixed use West Melbourne site

A Melbourne developer will make home at a boutique development site at West Melbourne after outbidding six rivals to pay $3,815,000 for the property at a lively Teska Carson auction.

Located on the edge of the CBD, the 366-370 Spencer Street property attracted a field of prospective purchasers, including owner-occupiers, developers and investors.

It was knocked down at $600,000 above reserve and at $11,000 a square metre.  

The property comprises a single level commercial building on a 345 square metre site, zoned mixed use with 14 metres frontage to Spencer Street as well as rear access to on-site parking.

It was sold subject to a short term lease at an annual rental of $64,273.

According to selling agents, Teska Carson’s Matthew Feld and Michael Ludski, the property’s location within walking distance of every desirable amenity. 

“ With mixed use zoning and a short term lease, the property offered developers a fantastic opportunity for residential or other types of commercial development, but it also appealed to owner-occupiers and investors who were also attracted to the location and on-site parking,  in a precinct which has fast become a very highly sought after inner-city location,’’ Feld said.

He said well-located sites with development potential were very much on the radar of a wide variety of purchasers especially those that offered an existing income stream