A large vacant commercial property with huge development potential in a prestigious suburb in Melbourne’s inner northwest has sold for $10.2 million following strong buyer demand.
The 2,222sq m parcel of commercial zoned 1 land at 17-31 Newmarket St in Flemington is currently occupied by a large office/warehouse in excellent condition with 2,169sq m of net lettable area.
It was purchased by a local developer following an International Expressions of Interest campaign run by Matthew Romanin, Nick Bisset and Joel Davy of Knight Frank.
Mr Romanin said the campaign demonstrated there was strong demand for quality investment assets with development potential in Melbourne.
“We fielded more than 120 enquiries for the property, which resulted in six offers from potential buyers,” he said.
“Buyers were drawn to the prime large scale property due to its size, particularly within the highly sought-after blue-chip location of Flemington, and the fact that it offered tremendous development upside.
“The campaign yielded interest from a variety of buyers, including developers, owner occupiers and land bankers.”
The Flemington property is situated just off Racecourse Road and has an expansive frontage to Newmarket Street of more than 54 metres.
The estimated fully-leased income is $300,000 per annum.
Mr Bisset said the Flemington property had a flexible and highly desirable Commercial 1 Zoning, and was suitable for a multi-level commercial or residential development, subject to council approval.
“It would also suit alternative development outcomes such as build-to-rent and co-living, for example,” he said.
“The location is ideal, being within walking distance of public transport including the Newmarket Train Station and tram line route.
“The site also has total ease of accessibility to major road arterials and Citylink.”