Immaculate Bay Street, Port Melbourne city fringe office building

460 Bay Street, Port Melbourne

An immaculate Bay Street, Port Melbourne office building has come to the market, offering owner-occupiers and investors the chance to acquire sought-after city fringe premises within a thriving retail and lifestyle precinct.

Fitzroys’ Tom Fisher, Ben Liu and David Bourke are marketing 460 Bay Street, Port Melbourne via Expressions of Interest closing Thursday, 16 May at 3pm, on behalf of a private investor.

Located less than three kilometres from the Melbourne CBD, the property comprises a first-class modern 806sqm office building with on-site parking for 10 vehicles, on an 822sqm Commercial 1-zoned landholding with dual frontages to Bay Street and Crockford Street. It is being offered with short-term holding income of $491,124 per annum plus outgoings and GST.

Interest is expected from a range of owner-occupiers looking to secure their place in the coveted location, as well as investors and land banking developers.

“This is a one-of-a-kind offering in this part of the sought-after city fringe – an immaculately presented, ready-to-move-into opportunity within one of the city’s thriving retail and lifestyle strips,” Fisher said, adding that the property is just a short distance away from the Route 109 light rail, as well as City Road, the Westgate Freeway and Citylink.

“Businesses recognize the importance of location and accessibility for their staff as well as being close to high-quality retail, hospitality and lifestyle amenity for their workers to live, work and play at a time of increasing office attendance. Bay Street is one of Melbourne’s few true inner-city lifestyle centres and is a consistently high-performer, with a strong local workforce and medium- and high-density immediate residential population creating vibrancy through the day and into the night,” Liu said.

Bourke said, “The property is ideally positioned to benefit from the Fishermans Bend rejuvenation and renewal project which is set to deliver a huge boost to the residential population, transport and social infrastructure, retail amenity and commercial uses, and will generate further huge demand for office space in the area well into the future.”

Further along Bay Street, Fitzroys’ Fisher and Mark Talbot are also offering for sale a retail investment at 92 Bay Street, on the ground floor of the Bayview Apartment Complex. The 75sqm premises has a recently renewed 3+3-year lease from December 2023 to proven local business Oscar Charlie Hair, returning $57,500 per annum plus outgoings and GST.

“Strata-titled commercial property assets with secure leases present ideal set-and-forget investments. They can offer an easier management proposition as an owners corporation often oversees maintenance and upkeep, and they also offer lower land tax liabilities, which doesn’t cut into the return,” Fisher said.

Expectations for 92 Bay Street are of $900,000-plus.