MODERN 5 STOREY BUILDING BUILT BEHIND HISTORIC FACADE
Originally a two storey Victorian cottage, the building was converted to a factory in the mid 1930’s. The current façade is from the 1935 conversion. It was used to manufacture car electrical fuses up until the 1990’s. After that there was a varied history including a motorcycle chopper shop and an archery shop.
The current owner has removed most of the factory additions and replaced the interior with a modern concrete walled five storey mixed use development. One of the original side walls was retained on the ground floor which incorporated original hand made bricks. This is now an attractive feature wall.
The building was designed for maximum flexibility of usage as it was intended as a long term hold. In particular, the upper two floors are largely open plan to allow reconfiguration as long term rental let, student accommodation or Airbnb apartment. Facilitating this is the large apartment area – 400 sqm over 3 floors.
A brief summary of building features:
• 180 sqm per floor lower 4 floors
• 90 sqm fifth floor plus potential roof deck
• Fully sprinkler protected
• 7 Star energy rating
• Heat pump HWS and HVAC units
• All windows double glazed on commercial grade window sections
• Modern hydraulic lift servicing apartment levels
• Large garage and store room incorporating 2 car stacker with access from dedicated rear laneway
• Two existing tenancies on lower levels due rental review September 2018
• Located within Melbourne’s educational and medical precincts.
• Soon to benefit from two new railway stations. Queensberry Street will be largely unaffected with the construction the Melbourne Metro Rail Project.
• Occupancy permit can be issued AFTER sale contract signed to preserve depreciation benefits under the old schedule.
• Occupancy permit can be issued after sale so it qualifies as a “NEW” residential building for overseas purchasers
• Approximately $900k depreciation benefits available
• Two beautiful garden terraces complimented by a large street tree directly in front of building
• Price subject to negotiation, Vendor finance available
• Current Capital City zoning allows for 13 storey redevelopment
• This site controls the rear laneway preventing it being sold by the council to adjacent land holders and affecting their ability to redevelop