Collingwood apartment development site listed with $6.5m expectations

A Collingwood develpment site has been listed by Gray Johnson in conjunction with Nelson Alexander Commercial. ffers fr the development opportunity in Collingwood close September 21. Located at 73-77 Sackville Street the property has thirty metres of frontage to Sackville Street. The 916 sqm site is being marketed as a "strategically located property" judged to have significant residential development potential. Positioned between Wellington and Gold Streets the site is only minutes away from Smith Street judged in a recent international survey as “the coolest retail and entertainment street in the world.” It is a single level clear span office warehouse tenanted by Easy Living Hire which pays a current annual rental of $122, 003 net, plus outgoings. The tenant holds a three year lease until May 2024 with one further three year option, with three percent fived annual rental increases. However, the lease includes a demolition clause should the purchaser seek to create a development on the site. Gray Johnson director Matt Hoath says that under the City of Yarra Planning Scheme the property is zoned Commercial 1. The 73-77 Sackville Street site is in an area which has seen multiple high profile new developments over recent years including the BPM project at 4-6 Gold Street. “The offer of this property deserves the attention of builders and developers even land bankers given the lease tenancy with its demolition clause."