21-23 Piera Street, Brunswick East
An astute investor has acquired a Brunswick East property amid strong demand for Melbourne city fringe warehouses with Mixed Use zoning.
Fitzroys’ Chris Kombi and Marco Sandrin sold 21-23 Piera Street on behalf of a private investor following a successful auction campaign that drew more than 70 enquiries and multiple bidders.
The $1.91 million sale price reflected a land rate of circa $4,000 per sqm.
Located in the heart of what was recently declared by influential global publication Time Out as one of the “World’s Coolest Neighbourhoods”1, the vacant property is on 497sqm of land with a 16m frontage, and comprises a single-level brick warehouse of 420sqm with four on-site car parks and rear access.
“The property provided a blank canvas opportunity in one of Melbourne’s most thriving precincts. Our campaign drew widespread interest from multiple buyer profiles, including investors, land bankers, developers and owner-occupiers,” Kombi said.
“We’re seeing strong demand for versatile city fringe warehouses within Mixed Use zones.
“The buyer is an astute land banking investor who loved the location within Brunswick East and its positioning close to all forms of amenity. They will lease out the property in its current form and assess their options for the future.”
Sandrin said this is a tightly-held section of Brunswick East, surrounded by a mix of high-density apartment complexes, shops, warehouses and the bustling nightlife and hospitality scene.
Brunswick East’s array of dining and nightlife institutions draws consistent and loyal patronage locally and from across wider Melbourne. Nearby are renowned pizzeria 400 Gradi, Lebanese eateries Téta Mona and Mama Manoush, dining staple Bar Idda, and popular bars including Old Palm Liquor, The Alderman and Atticus Finch – among many more.
“The market recognised this is a surging location that has seen a number of residential towers completed in recent years, boosting the immediate catchment, activity and trade, and it is set to benefit from further planned high-density residential development.”
The location also offers excellent connectivity and exposure with trams 1 and 6 running along Lygon Street.
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