Church Street, Richmond café site set for auction

A boutique retail investment in Richmond is set to go under the hammer.

The single level, 110 square metre building on a 140 square metre site at 487 Church Street is currently utilised as a café and has been home to different food outlets for more than 30 years.

Teska Carson’s listing agents George Takis and Michael Ludski said that the property was a owner-occupier opportunity with potential development upside.

They said the property has Commercial 2 zoning which aims to promote offices, appropriate manufacturing and industries, bulky goods retailing, and other retail uses, as well as associated businesses and commercial services.

“Dubbed the innovation capital of Melbourne this area is experiencing increasing demand from tenants and developers looking for city fringe opportunities,” Takis said.

“Recent strong local and offshore investment and the number of projects underway or in the application process in the area are testament to its high desirability.”

Ludski said owner-occupiers and tenants would benefit from exposure to a high level of pedestrian and vehicular traffic.

“This is an exceptional location in terms of close proximity to all essential amenities which will continue to attract tenants and drive strong capital growth. At the same time the property offers the potential for further development (STCA),” Ludski said.

An onsite auction will be held on Thursday, November 22 at 12pm.