Collingwood site with three street frontages listed
An inner-city property with three street frontages and potential development in Collingwood has been offered to the market.
Located at 4-12 Langridge Street, the property comprises a standalone brick warehouse with 358 sqm of internal space.
Set on a 368 sqm site, it is zoned Commercial 1 under the City of Yarra planning Scheme.
It comes with a frontage of 39 metres, 24m to Langridge Street and 15m Little Oxford Street.
The property also features RSD access, off-street parking for up to six cars, and a third access point via a laneway at the rear.
It is for sale subject to a five year lease, expiring March 2022, at a current rental of $81,120 per annum net.
While the tenant has a further five year lease option, a redevelopment clause provides the owner with the option to give 12 months’ notice to the tenant at any time after the fourth year of the initial term.
According to marketing agents, Teska Carson’s Luke Bisset, George Takis and Matthew Feld, the property offers an opportunity for investors to acquire a well located freehold, situated in one of Melbourne’s most sought-after inner-city suburbs.
Mr Takis said the favourable Commercial 1 zoning and multi-storey height precedent provided scope for a multitude of development options.
