337-351 Barkly Street, FOOTSCRAY VIC 3011
LET YOUR CREATIVE MIND LOOSE IN THIS HISTORIC BUILDING – FORTH COMING AUCTION
Located in Footscray and Melbourne’s inner west approximately 6km to the CBD, this unique historic building creates an excellent opportunity for a creative mind to renovate and develop the interior space to capitalise on the extensive double street frontage.
This corner landmark property formerly known as “Green’s Building” is a two storey brick clad building with a distinctive domed balcony at the splayed corner entry with a clock set in a scrolled timber fascia. Originally built in 1913-14 and modified in the 1920’s. It is set on a large 1,290m2 (approx.) block with expansive street frontage to Geelong Road on one side and Barkly Street on the other with a service lane at the rear. Currently leased out in sections with two cornerstone tenants (Pandu’s Indo-Chinese restaurant with and upstairs function room, and a branch display for a headstone monument business) and another six areas leased or available to be leased on the ground floor area. The owners previously proposed and received planning approval to divide the large first floor area into approx. 17 large rooms plus service rooms for a backpack style short time accommodation facility.
1,290m2 (approx.) prime located land
General Residential Zone – Schedule 1, and a Mixed Use Zone
High profile position, enjoys prominence to passing traffic
Expansive double street frontage (Barkly St, & Geelong Rd)
Close proximity to train stations, trams, bus stops, fast food outlets, and restaurants.
Multi rental income streams with massive potential to expand and increase these
Suitable for first floor conversion to apartment/studio style rooming houses (STCA)
Ground level lends itself to internal renovation to capitalise on street front shops/offices
Settle with vacant possession or cornerstone tenanted (tenants willing to extend leases).
This opportunity is perfect for a strategic mixed-use investment strategy presenting potential for first level internal renovation for residential use (STCA), and ground level renovation upgrading for retail, offices, and restaurants (STCA).
Investors and land bankers are recommended to do your due diligence early and check out this grand old property (note: there is a Heritage Overlay on the exterior of this property).
Contact Brenda Ngan on 0435152545 for further details and section 32, and to arrange an inspection.