Substantial Commercial Investment with Upside
The corner of Young Street and Playne Street is one of the busiest intersections in central Frankston. This high exposure two level retail and office development has a total frontage of 57.6m* to both streets.
Comprising of 8 lots, the property boasts seven ground floor retail/office premises and one first floor office. Five of the 8x premises are under lease and are producing income of $190,000 p.a. approx.
The property represents a unique opportunity to benefit from the existing income while adding value through increased rental income.
Key features include:
* Commercial 1 zone
* Building area: 2,100sqm*
* Land area: 1,462sqm*
* Frontage to Young St: 26.74m*
* Frontage to Playne St: 30.94m*
* Current income $190,000 p.a.
* Plus Lot 7 is Under Offer at $40,000 p.a. net
* Significant value add opportunity
* Potential income: $420,000 p.a.
* Dedicated lift to first floor office area
* Basement car park plus outdoor parking.
Major infrastructure nearby including the transport hub, Bayside Shopping Centre, Council, Chisholm, Frankston Hospital, etc.
Future development potential.
Our clients have held this property for many years. They have recently made a “tree change” and are organising their affairs. They will not test the market, they intend to meet the market.
Terms: 10% deposit, balance 60/90/120 days.
Realistic vendors seeking offers over $4,500,000.
For further information or to arrange an inspection, please contact:
Linda Ellis 0400 480 397
David Olding 0408 358 891
PLEASE NOTE:
* Inspections are carried out in accordance with strict Covid-19 Directions. For further details contact the Estate Agent.
* All information and measurements are approximates. All images subject to copyright. Unauthorised use is strictly prohibited.