Park Street, South Melbourne mixed use offering
Offering easy access to South Melbourne from all directions, Park Street is one of those streets that almost everyone who lives south of the Yarra has travelled along.
Linking Kingsway and St Kilda Road and close to The Shrine, Park Street takes a lot of through traffic to and from Domain Road and it’s on one of Melbourne’s major tram routes. It’s also the address of the hit TV series, The Block.
‘’Those looking to locate their business close to the city without paying CBD rates will find Park Street as good as it gets. Perhaps the best way to describe it is high profile, yet low key,’’ says Chris Curtain, a director at estate agents Lemon Baxter.
“This year has been notable for the good quality properties that have come onto the market in the South Melbourne/St Kilda Road precinct and 39 Park Street is another example that continues this trend.”
The four level office building of 1888 square metres on a 1078 square metre site is expected to fetch between $6.5 million and $7 million when it sells via an expressions of interest on September 5, says associate Nick Bade.
Built in the early 1980s and progressively refurbished over the years it has a vaulted foyer, ground floor office/showroom, three office levels plus parking for 27 cars at the rear.
Typical office floor plates are about 560 square metres except for the ground floor. The car park is accessed from Kings Place via a single driveway with a steel security boom gate.
The building’s mixed use zoning creates rental options, Curtain says. It has been successful in encouraging development of surrounding multi-level offices and multi-dwelling residential apartments.
Curtain says that out of the net lettable area of 1888 square metres the owner/occupier can access 887 square metres now. He says other tenancies with refurbished spaces and good natural light contribute around $384,330 per annum.
‘’With interest rates so low it would be cheaper to own than rent,” he says of the building which is ‘’the only one of its size currently being offered for sale in South Melbourne’’.
It has 18 air-conditioning units on the roof and a fully automated smoke detection system and traditional fire hose and real system.
Other comparable and recent South Melbourne office building sales:
228 Albert Road South Melbourne, bought by a private investor in May, for $6.2 million
35 Market Street, South Melbourne, bought by a private investor in January, for $3.75 million
102 Dodds Street, bought by an owner-occupier last October for $8.87 million.