Fitzroy Street, St Kilda apartment development site listed
A Fitzroy Street, St Kilda property has been listed for sale with the marketing advising it comes with substantial development upside, according to marketing agents, Teska Carson.
It is being sold with a planning permit for a five level residential project with 54 apartments designed by Cactus Architects.
Renzella Group has put the hotel and retail building on the market through Teska Carson with expectations of a price in the low to mid $20 million range.
The property currently comprises a three level commercial building including eight ground floor shops with Fitzroy Street frontage on level one, a 40 room, fully refurbished hotel, on levels one and two, and a substantial car park for up to 36 cars at the rear.
Zoned Commercial 1 the 1924 square metre site has 47 metre frontage at 63 to 73 Fitzroy Street.
Commercial 1 zoning allows a number of development outcomes, including hotel and short stay accommodation, co-living, residential, office or build-to-rent, Teska Carson’s Luke Bisset said.
``This property offers an extremely rare opportunity for investors, owner-occupiers and developers to acquire an asset situated on one of Australia’s best known retail strips and in one of the most iconic destinations.
``Fitzroy Street is home to a plethora of retail and entertainment destinations which attract both locals and international tourists in their thousands week in week out supported by excellent public transport facilities and road access.
``The opportunity to provide a first rate retail and residential property to such a market, whether that be via optimising the current rental potential or a partial or full redevelopment, is one which will have much appeal to a wide range of buyers,’’ Mr Bisset said.
The property will be sold subject to several retail leases currently returning $217,000 per annum with a potential, fully let, retail income of $395,000. There are also 20 hotel rooms occupied on various lease terms currently returning $23,608 monthly with a potential fully let income of $564,192 bringing the total potential annual income to circa $960,000.
The property will be sold by expressions of interest closing November 10.
Listed initially in 2019, it last sold at $4 million in 2003.
The offering is two along from the well known Cushion Lounge site where Gurner has lodged $35 million plans to create what will be the first in a series of new concept hotels under the Club Maison brand.
Gurner paid $2.25 million for the 99 Fitzroy Street building.
