A value-add buyer has secured a truly generational opportunity in one of Melbourne’s most rapidly evolving areas.
Fitzroys’ Mark Talbot and Shane Mills sold 181-185 Hawke Street, West Melbourne on behalf of the Curtis family, via a successful auction campaign that marked the first time the property had been offered for sale since 1969.
The sale price of $1.34 million reflected a strong land rate of $6,767 per sqm.
The property comprises a single-level office/warehouse freehold of 204sqm, with an open plan layout and high ceilings, featuring a wide frontage of 9.45m, side road roller door access, and staff amenities.
“This was a very rare chance to acquire an inner city freehold so close to the CBD with amazing flexibility, at an entry-level price,” Talbot said.
“We’re currently seeing strong interest from occupiers in particular at affordable price points.
"We ran a targeted campaign that generated in excess of 75 enquiries - from owner-occupiers as well as some investors - and led to multiple bidders competing at the auction.”
The purchaser, a local buyer, was seeking a value-add opportunity close to the CBD and intends to build a second level residential space above the existing building. They will occupy the entire building.
“This is one of Melbourne’s most rapidly evolving precincts, this property offered to chance to capture future upside as West Melbourne continues its transformation into a vibrant mixed-use neighbourhood,” Mills said.
In close proximity are the popular cafés, bars and eateries of North Melbourne, Festival Hall, Marvel Stadium, Flagstaff Gardens, and Queen Victoria Market.
“More people want to live, work and play in locations like West Melbourne, which has a front row seat to the Arden urban renewal precinct that is expected to accommodate 34,000 jobs and 15,000 residents,” Mills said.
He added that buyers were also attracted to the property’s high accessibility, close to North Melbourne station, as well as tram routes and bus routes, while key road linkages close by including Spencer Street, Dynon Road, Victoria Street and Footscray Road, providing direct access to CityLink, Docklands, the Port of Melbourne and the Western suburbs.