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Prahran warehouses primed for purchase

Property Markets / Transactions

Australia

May 27 2019

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Two Prahran warehouses have come to market with expectations of more than $8million, as developers continue to scour the city fringe for untapped opportunities.

Located 100 metres from bustling Chapel Street at 35-39 Clifton Street, one of the properties is leased to popular juice brand, Emma & Tom’s. The other, at 41-43 Clifton Street, is owner-occupied and will be sold with vacant possession. 

Savills Australia’s Julian Heatherich, Benson Zhou and Mark Stafford have been appointed to market the assets, which together measure 866sqm, saying they expected interest from developers, investors and owner-occupiers.

Mr Heatherich said the properties’ development upside would be a key selling point, due to their Activity Centre 1 zoning and location within one of Melbourne’s most exclusive and desirable catchment areas. 

“This opportunity will be especially exciting to developers, considering the high-quality projects already underway to accommodate the area’s growing population,” he said.

“The future development of this area is critical, as any applications must retain the integrity and culture that characterises the suburb.

“The Chapel Revision structure plan has set an Activity Centre Boundary to guide future development, supporting and encouraging medium- and high-density mixed-use projects of more than eight levels (STCA) specifically within this precinct.”

Mr Heatherich went on to say that the City of Stonnington’s major public infrastructure projects were encouraging buyers to invest in the Prahran and Windsor precincts, with the $60million Cato Square transformation due for completion this year. 

“These local amenities are being redeveloped to benefit the Prahran community, as places people can utilise for recreation and events,” he said.

Surrounding residential developments include Anchor & Cecil, a nine-level luxury apartment complex at 10-16 Cecil Street; Trilogi, three apartment buildings between seven and 12 levels in height at 15 Clifton Street; and The Clifton, an eight-level residential project at 25 Clifton Street.

Mr Heatherich said prospective buyers may also be interested in the warehouses’ investment potential, with Emma & Tom’s returning about $60,004 per annum until July 31, with a three-year option to renew.

The neighbouring warehouse is known as the Clifton Street Market, a multi-purpose venue that is sporadically used for markets, pop-up retail events, clearance sales and fashion or photography shows.

Expressions of interest in 35-39 and 41-43 Clifton Street, Prahran, close Wednesday, June 5 at 2pm.

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