An Abbotsford office warehouse is headed to auction next week, presenting a rare inner city fringe opportunity for investors and owner-occupiers.
The 15-17 Marine Parade property will go under the hammer on Thursday, 4 June at 12pm through Fitzroys agents Brent Glassford and Marco Sandrin, with expectations of $2.5 million-plus.
Conveniently located just 3 kilometres from the CBD, in a riverside setting with direct access to the Yarra River and its trail network, the property comprises a 656sqm high-clearance clearspan warehouse with a two-level office featuring a scenic outlook, as well as roller shutter door access and on-site parking at the rear (accessed via a laneway), on 750sqm of Industrial 1-zoned land.
It is being offered with a 3-year lease, returning $120,000pa plus GST, which includes a break clause from March 2027.
“We’ve received a really good level of interest from investors and potential future owner-occupiers given the property’s great location and flexible lease arrangement,” Sandrin said.
“Investors have been attracted to the rarity of the city fringe offering and the not-for-profit tenancy profile, as well as the ongoing demand for functional facilities such as this in inner Melbourne locations.
“Owner-occupiers are looking for facilities in locations that are easily accessible to the surrounding suburbs and wider Melbourne, and which offer quality lifestyle amenity.”
Glassford said that as well as providing easy access to the Yarra River, the property is close to a vibrant lifestyle offering, with Victoria Street’s dining and cultural precinct within walking distance and the broader amenity of Richmond and Collingwood within easy access.
“The property benefits from strong connectivity via nearby arterial roads, including Victoria Street and Hoddle Street, as well as convenient public transport options,” he said.
“Marine Parade is also undergoing a transition from traditional industrial uses to a more diverse mix of creative and boutique commercial spaces, enhancing its appeal as a well-connected, amenity-rich business location,” he added.