Two freeholds in premium precinct offer rare landholding opportunity

Two adjoining Essendon freeholds have been put to the market, offering a rare opportunity to acquire a substantial landholding in a popular lifestyle strip opposite a busy train station and bus interchange.

Fitzroys’ Ervin Niyaz and Chris Kombi are marketing 53 & 55-57 Rose Street, Essendon, available individually or together, via Expressions of Interest closing Tuesday, 23 April at 3pm.

Expectations are of $3.5 million-plus combined.

The properties comprise 53 Rose Street, a double-storey 196sqm building on 220sqm of land with three car parks, and 55-57 Rose Street, a 184sqm single-storey double-fronted retail shop on 366sqm with six car parks.

The strategic combined landholding of 586sqm boasts favourable Commercial 1 zoning, offering outstanding untapped future potential (STCA), rear access via TOW extending to Flower Street and positioned in a core location within the thriving Rose Street retail and lifestyle centre and immediately opposite Essendon train station, bus interchange and public parking.

The property is also close to highly-regarded schools and amenity that bolster foot traffic and retail activity along Rose Street.

Niyaz said the rarely offered inner-city opportunity is just eight kilometres to the Melbourne CBD, and suitable to occupiers, developers, investors and land bankers.

“This is a rare opportunity to acquire a substantial landholding opposite a busy train station and bus interchange, in a popular lifestyle strip within a tightly-held, affluent neighbourhood location,” he said.

“There’s been a precedent set in the area for development activity of up to 10 levels, with a number of multi-storey projects in the immediate surrounds,” Niyaz said.

Completed developments nearby include LINC (94 apartments), Tekna (30 apartments), Luminess (61 apartments), Buckley & Co (35 apartments) and Rose (19 apartments). These projects range between five to 10 levels.

“Melbourne is currently experiencing a shortage of residential stock as more people are looking to move into highly-accessible accommodation which is close to transport, retail and lifestyle amenity at a time of flexible working arrangements,” Niyaz said.

“There is evidently demand for product in this area.”

Kombi said the properties have excellent connectivity to major roadways including Mount Alexander Road and Buckley Street, in addition to Tullamarine Freeway, providing convenient access to Melbourne CBD, Melbourne Airport and other key destinations.