116 Pier Street, Altona
The home of the first private swim school in Melbourne’s west is going to auction, presenting an excellent opportunity for land banking investors and developers looking to establish themselves in a surging region.
Fitzroys’ Ervin Niyaz and David Bourke, in conjunction with Harry Karageorge of Sweeney Real Estate are marketing 116 Pier Street, Altona, which goes to auction on Wednesday, 9 July at 12pm on-site.
The campaign marks the first time in 37 years the property has been offered to the market. Interest is expected from the early $3 millions range.
On a substantial 938sqm land allotment with over 20.1m of frontage to Pier Street, the property comprises a well-presented single storey building of 615sqm encompassing swimming pool, squash court, change rooms and reception with the convenience of on-site parking.
Sweeneys Swim School’s long lease runs until October 2027, returning $170,018 per annum plus outgoings and GST, and has two further terms of five years each.
“This is an ideal opportunity for land banking investors and developers to gain a foothold in Melbourne’s surging western suburbs,” Niyaz said.
“The property is strategically located in the heart of Altona’s retail and lifestyle centre, surrounded by a plethora of major retailers, restaurants and cafés and multi-storey apartment buildings, and is in direct proximity to Altona Beach and Altona train station.
He said attractive mixed-use zoning supports a range of alternative future uses and development outcomes, currently supporting up to five levels (STPA).
“There is evidently demand in the area for a range of development products. More people are looking to live, work and play in well-connected locations with quality lifestyle amenity,” Niyaz added.
“Investors, land bankers and developers can secure a strong income stream from a renowned tenant while planning their next moves for the property.”
Bourke noted this would mark one of the first commercial real estate auctions of the new financial year.
“This presents the opportunity to get a head start in FY26,” he said.
Sweeneys Swim School was founded in 1968 by Joan and Leon Sweeney from a backyard pool in Queen Street, Altona, where they taught local children and school groups to swim and be safe in and around the water. The high popularity of the swim school meant that in 1988 the swim school moved to a larger space and its current location in Pier Street, Altona.
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