A childcare investment trust has paid $4.35 million for a former Hungry Jacks outlet at Coburg, with plans for a childcare centre conversion.
According to Teska Carson Director, Michael Taylor, who brokered the deal for the 311-321 Sydney Road property, the price reflected a premium on market value for a property well suited to a multi-storey development.
"The property has exceptional exposure to a key Melbourne thoroughfare, as well two other street frontages, in a prime, inner-suburban location with trams at the front door, every conceivable retail service within walking distance, and a handy income stream available during the development planning phase," Mr Taylor said.
"In otherwords the property has all the ingredients for a successful multi-level development, and of course for conversion or refurbishment as it is and as is now proposed, and those ingredients were ultimately reflected in what was quite a good result for the vendor."The property comprises a two level, 937 square metre building on an 1172 square metre site zoned Business 3 with 35 metres frontage to Sydney Road, 32 metres to Baxter Street and a right of way at the rear. An underground carpark provides 38 spaces and there are an additional five spaces at ground level.
Mr Taylor said the property, which was sold with vacant possession, also had a current permit for a nine-level building.
The vendor was a Melbourne based investor.