An exceptional opportunity has emerged in Melbourne’s mixed-use precinct of St Kilda, with the sale of two adjoining freehold buildings comprising two ground-floor, retail shop fronts and two spacious, three-bedroom apartments on the first floor.
Located at 93-95 Chapel Street with a total Gross Floor Area of 362 sqm* on a 332 sqm* site with a combined street frontage of 39 metres*, the properties offer immense flexibility, a diversified income and significant rental reversion potential, as well as excellent accessibility via connectivity to Chapel Street and proximity to Balaclava Train Station, the Nepean Highway, and Dandenong Road.
For sale through Daniel Wolman, Alexander Leggo, Karim Ford, & Eva Ni of Cushman & Wakefield, 93 Chapel Street has been operating as a laundromat, and offers an open-plan laundry area with a secure back-of-house, and lease expiry of October 2025. The ground floor retail of 95 Chapel Street once operated as a well-known, local Milk Bar, now with a month-to-month lease in place, offering immediate flexibility.
The upstairs apartments both feature three bedrooms, bathrooms, balconies, kitchen, and living areas, with direct access via Inkerman Street.
Daniel Wolman, Cushman & Wakefield’s International Director & Co-Head Investment Sales, VIC said with immense potential for rejuvenation, these assets present an enticing prospect for investors and developers looking to make their mark in this iconic enclave.
“There is an opportunity for individuals to occupy the premises and transform them into a thriving retail space or a remarkable hub for hospitality.
"The possibility of activating the rooftop and constructing an additional floor not only enhances the potential for a comprehensive redevelopment of the site, but also aligns with the growing demand in the area. As the community continues to flourish and attract diverse businesses, the need for innovative and versatile spaces is at an all-time high” he said.
To further highlight the demand in the area, in March 2023, Coles Group Property Development purchased the neighbouring Balaclava supermarket site it has occupied for some five decades. The retailer is understood to have paid $80 million reflecting a sub 2% yield believed to be a record for a property of this type.
Karim Ford, Cushman & Wakefield’s Executive, Investment Sales, Victoria said St Kilda and Balaclava’s recent developments and strong market performance exemplify its potential for growth and revitalisation.
"The area’s remarkable growth and the projected population increase to nearly 30,000 by 2027, combined with a median house price of $1,710,000, positions this suburb as a highly desirable and promising investment opportunity”.
Cushman & Wakefield, Melbco Strip Retail Sales team presents the opportunity to acquire 93-95 Chapel Street, St Kilda, through Expressions of Interest closing on Thursday, August 17, 2023.
