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Hampton leasehold has 3 frontages and develop potential

Property Markets / Transactions

Australia / Melbourne

Feb 25 2018

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Teska Carson (9421 7000) is marketing a corner investment property with potential development upside at Hampton in Melbourne’s south-eastern bayside suburbs. The property will be auctioned on Friday, March 16 at 1pm on site. 
 
The 510-512 Hampton Street (cnr Littlewood Street) property comprises a substantial, open plan, bottleshop showroom and drive through retail premises, set up for drive-in liquour sales, in excellent condition. The 640 square metre building sits on a 738 square metre site zoned Commercial 1 with 16 metres frontage to Hampton Street, 45 metres to Littlewood Street and laneway access at the rear.
 
Commercial 1 zoning permits retail, office, entertainment, community and residential uses subject to council approval.
 
Located within the dynamic and highly sought after Hampton retail precinct, the property will be sold with a secure lease to Ian Marks Cellars, trading as Thirsty Camel, on a new five year term, subject to a demolition clause, with two further five year options at a current net annual rental of $150,000.
 
Hampton Street is one of the south-eastern bayside’s best known hospitality areas including numerous cafes and restaurants and recreational facilities as well as access to Hampton Railway Station and close proximity to the bayside’s best beaches. 
 
According to marketing agents, Teska Carson’s George Takis and Fergus Evans, the property presents an exceptional opportunity for purchasers to occupy, invest or develop (STCA) within a prime bayside location and with the benefit of a secure lease. 
 
``This substantial property, one of the largest retail stores in the precinct, boasts a national tenant on a secure lease in a prime, tightly held, bayside retail strip. As such it presents as a first class retail investment property.
 
``Add to that the large site with three frontages and corner exposure and you also have a site with excellent development potential, subject to council approval.
 
``Rarely does an offering of this calibre, with so much potential, become available in what is a very popular precinct,’’ Mr Takis said.
 
Mr Evans said the area had seen significant growth in recent years with a number of medium density residential and commercial developments transforming the precinct and providing retailers with a notable increase in catchment. 
 
``What has been an upsurge in this area’s popularity, with its easy access to Melbourne’s CBD via major arterial routes, and the beach, has driven the development of new, high-profile, residential and commercial projects that have further enhanced a much sought after lifestyle destination,’’ Mr Evans said. 
 
He said the property’s key attributes included:
Exceptional exposure with high level of passing traffic;
A secure lease to a national tenant;
A location in one of the south-east’s most prestigious bayside suburbs;
Close proximity to all amenities including transport and the beach;
Close to major arterial routes including Nepean Hwy; 
Excellent development potential (STCA) with extensive street frontages; and,
Only 12 kms from the CBD. 

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