A commanding Cheltenham opportunity - delivering strong income from one of Australia’s most respected businesses in Tobin Brothers, and offering flexible zoning and huge upside - is on the market with expectations of circa $4 million.
Fitzroys’ Tom Fisher and David Bourke are marketing 147-149 & 153 Park Road together or separately on behalf of a private family who have owned the properties for 30 years.
The Expressions of Interest campaign closes on Wednesday, 26 August at 2pm.
The land parcels comprise:
• 147-149 Park Road:
Spanning 1,317sqm, the triple-fronted site has a combined frontage of over 100m to Park Road, Hall Street and Hall Lane. It has a 427sqm single-level building with a mix of open plan and partitioned accommodation together with private amenities, complemented with multiple on-site car parks.
• 153 Park Road:
The extensive 655sqm site is currently used as ancillary car parking with 22 line-marked bays. Total return from the properties is $212,331pa plus outgoings and GST. Tobin Brothers - Australia’s largest independent and family-owned funeral business - has a 5-year lease with no option over the properties running to June 2029.
“Investors will show interest given these properties have accommodated a funeral home for a long time, reflecting the strength of both the tenant and this established and growing location,” Bourke said.
“Medical and childcare centre operators are expected to also make a play for the property given the opportunity to capture a strong rental stream from a high-quality tenant until 2029 while assessing their plans to move into a location that offers conducive demographics.”
According to research house .id, Cheltenham’s population is forecast to surge by more than 38% in the next 2 decades on the back of intensive residential and commercial development in the area, which boasts a strong shopping and hospitality offering.
“More residents and more workers in the surrounds will boost trade and activity in the area into the long-term,” Bourke added.
Fisher noted the site’s favourable Activity Centre zoning promotes a range of future uses and development outcomes (STPA).
“This is a great opportunity to land bank and develop in an established and fast-developing location that is growing in popularity,” he said.
“The high-profile position opposite the recently revamped Cheltenham Train Station, just metres from the popular Charman Road shopping strip and also close to Southland shopping centre makes this an ideal well-connected lifestyle location.
“The sites are also near Royal Melbourne and Victoria Golf Courses and Cheltenham Park, as well as bus services and Nepean Highway, a major thoroughfare providing direct access to the CBD surrounding south-east suburbs.”