Prime development sites such as this city fringe, corner allotment measuring approximately 359m2 in a Commercial 1 zone are rarely offered. Presented with approved plans and permits for seven apartments and two retail spaces, developers will be suitably impressed. The three level proposal incorporates four two bedroom and three single bedroom apartments, spanning 51m2 to 97m2 in area plus balconies. Upper residential floors are complemented by 125m2 of ground level retail space promising substantial exposure. A privileged spot delivers city vistas and ensures Newmarket Plaza, Newmarket station and Racecourse Road cafes are within walking distance with Mt Alexander Road tram at your door. Otherwise, the site lends itself to alternative development (STCA) whilst also delivering an excellent interim income, currently leased to an automotive business and returning $52,000 per annum.
Subject to tenancy.
Alexkarbon Real Estate P/L
122 Errol Street, North Melbourne