Just moments from iconic Chapel St and positioned on one of Prahran’s premier corners, a property that is home to auto service giant UltraTune is set to be an investor or developer’s delight when it is auctioned later this month.
The high-profile corner site at 269-273 High St will go under the hammer on Thursday, May 16, in what shapes as one of the inner-city Melbourne suburb’s most significant sales of 2019.
The 623 sqm landholding enjoys dual frontages totalling more than 50m to High and Bendigo streets and includes three integrated shops and a workshop, spanning a combined 345 sqm.
Burgess Rawson’s Shaun Venables, who is marketing the site with Jamie Perlinger and Al Bogdani, said although the site is leased to longstanding tenant UltraTune for the next four years, with further options, its favourable zoning could see a developer zero in.
“The site has premium Activity Centre zoning, meaning it has a lot of future development potential, subject to council approval,” Venables said.
“That pocket of Prahran has been a hotbed of growth in recent years, being so close to the Chapel St retail and entertainment precinct, as well as Prahran Station and the new Prahran High School.”
“At the same time, you’ve got a longstanding and very successful tenant, and with the current rent below market levels, there’s scope to grow your returns.”
The property is currently leased at $125,186 plus GST per annum, with fixed 3% annual increases, the tenant paying all outgoings and a market review due next year.
269-273 High St will be auctioned on-site at midday on Thursday, May 16.
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