Two extensive multiple tenant CBD properties in the Bendigo CBD are set to hit the market simultaneously. Acting for two unrelated vendors, agents are expecting a strong contest from local and interstate investors.
Colliers’ Travis Hurst, Sarah Noble and Matthew Jarrott have been appointed to sell the properties at 1-9 Bath Lane, 12-24 Mitchell Street and 338-348 Hargreaves Street, Bendigo and buildings at 365-379 Hargreaves Street and 58-64 Queen Street, Bendigo by Expressions of Interest closing Thursday July 21, 2022.
“Both are extensive land parcels with a range of separate double brick heritage buildings that can boast a significant street frontage and presence either side of Hargreaves Street,” Mr Hurst said. “The property fronting Bath Lane contains the former ‘Plaza Cinema’ well known to Bendigo locals for its ornate Spanish Renaissance interior, elements of which can still be seen in the gymnasium currently occupying the building”
The Bath Lane / Hargreaves Street / Mitchell Street properties comprise a land parcel totalling 1,935sqm with a range of separate buildings that have a combined area of around 2,739sqm. Leased to 13 separate commercial tenants including some national brands, the net annual income is $445,543.
The Hargreaves Street & Queen Street properties comprise a land parcel totalling 3,646sqm also with a range of separate buildings that have a combined net lettable area of around 2,561sqm. This property has 8 separate tenancies including some national brands and a Federal Government office. A net income of $572,319 is what the new owner of this premises will pocket annually.
“Both of these buildings are very significant and extensive and it is very seldom you would see two such parcels on the market at the same time,” Mr Hurst said. “The vendors are separate and unrelated entities but none the less genuine in their intent to sell. We expect that the new owners will bring their unique skills and experience to the fore and become a part of the changing landscape that has been Bendigo’s CBD for the past few years.”
Although the buildings are both fully leased, Mr Hurst said there was room for long term income stream and capital growth in both properties.
“There is room for future growth in rent return for both buildings by way of market rent review in the future as well as significant scope for income expansion via some minor capital expenditure,” Mr Hurst said. “Both properties present varied and unique opportunities.”
Mr Hurst said agents expected the assets to attract significant interest from a range of regional metropolitan based investors, particularly as Bendigo was becoming an increasingly popular destination for a range of investor groups.
“Bendigo offers a unique mix of location, services and lifestyle and is ready to facilitate investment from existing and future businesses,” Mr Hurst said. “Located in central Victoria and less than two hours from Melbourne, Bendigo is one of Victoria’s largest regional cities that remains pivotal in Victoria’s economy as a central distribution point.
“With a population of over 118,000 people, Bendigo offers premium job opportunities, world class education, affordable housing, exciting restaurant and retail options, accessible community services, beautiful heritage and a great lifestyle for all.”