An iconic piece of Port Melbourne’s history has been put to the market, offering owner-occupiers and value-add buyers the chance to secure an invaluable corner position within the prime of the Bay Street retail and lifestyle strip.
Fitzroys agents David Bourke and Tom Fisher are marketing 226 Bay Street, Port Melbourne via Expressions of Interest closing Wednesday 19 March at 2pm on behalf of a private group.
Constructed in 1887, the two-level, 450sqm building is on a rare triple-fronted, Commercial 1-zoned site of 254sqm, with over 45 metres of frontage, including of 10 metres to bustling Bay Street.
The property is offered with vacant possession and an existing planning permit for a four-level mixed-use development.
Interest is expected from $3.3 million.
“This is a fantastic opportunity for an owner-occupier, investor or value-add player to acquire one of Port Melbourne’s landmark freeholds,” Bourke said.
“Owner-occupiers will recognise that the property suits a range of end uses, including hospitality, retail, office and more, and presents a remarkable chance to get into the prime of Bay Street, which is a consistently high-performer among Melbourne’s famous shopping strips.”
Located on the corner of Liardet Street, the property has exposure to high volumes of foot traffic, and is adjacent to the busy Coles Supermarket and car park.
“Value-add buyers and investors will note the existing planning permit and the heightened demand for well-located properties across Melbourne’s city fringe from retail tenants, office tenants and residents alike,” Bourke said.
“The property’s prime position within Bay Street, and close proximity to the Melbourne CBD and Port Melbourne Beach, as well as multiple public transport routes - including light rail just 400 metres away - and major arterials offers attractive hospitality, lifestyle and accessibility attributes.”
Fisher said Bay Street, Port Melbourne has been one of the best examples of a strip benefiting from urban renewal this century, with high- and medium-density housing bringing crowds throughout all hours to the popular cafés, eateries and historic pubs. According to Fitzroys’ Walk the Strip report, Bay Street, Port Melbourne retail vacancies over the past year to a tight 5.3%, comfortably below the Melbourne average.
“The strip has been revitalised by new developments which have added significantly to the immediate residential and worker populations, enhancing trade prospects for local businesses and security of rent,” Fisher said.
“This location also has a front-row seat to Australia’s largest urban renewal project, Fishermans Bend, which is forecast to be home to 80,000 residents and provide employment for up to 80,000 people by 2050.”