_Flemington vacant commercial property with development potential sold amid strong demand
- A 2,222sqm property occupied by a 2,169sqm office/warehouse building at 17-31 Newmarket Street in Flemington has sold for $10.2m
- It was purchased by a local developer in deal negotiated by Knight Frank
- The International Expressions of Interest campaign generated more than 120 enquiries and six offers
Melbourne, Australia – A LARGE vacant commercial property with huge development potential in a prestigious suburb in Melbourne’s inner northwest has sold for $10.2 million following strong buyer demand.
The 2,222sq m parcel of commercial zoned 1 land at 17-31 Newmarket St in Flemington is currently occupied by a large office/warehouse in excellent condition with 2,169sq m of net lettable area.
It was purchased by a local developer following an International Expressions of Interest campaign run by Matthew Romanin, Nick Bisset and Joel Davy of Knight Frank.
Mr Romanin said the campaign demonstrated there was strong demand for quality investment assets with development potential in Melbourne.
“We fielded more than 120 enquiries for the property, which resulted in six offers from potential buyers,” he said.
“Buyers were drawn to the prime large scale property due to its size, particularly within the highly sought-after blue-chip location of Flemington, and the fact that it offered tremendous development upside.
“The campaign yielded interest from a variety of buyers, including developers, owner occupiers and land bankers.”
The Flemington property is situated just off Racecourse Road and has an expansive frontage to Newmarket Street of more than 54 metres
The estimated fully-leased income is $300,000 per annum.
Mr Bisset said the Flemington property had a flexible and highly desirable Commercial 1 Zoning, and was suitable for a multi-level commercial or residential development, subject to council approval.
“It would also suit alternative development outcomes such as build-to-rent and co-living, for example,” he said.
“The location is ideal, being within walking distance of public transport including the Newmarket Train Station and tram line route.
“The site also has total ease of accessibility to major road arterials and Citylink.”
For further information, please contact:
Vanessa De Groot – Marketing & Communications, Knight Frank
Vanessa.degroot@au.knightfrank.com +61 410 460211
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Notes to Editors
Knight Frank LLP is the leading independent global property consultancy. Headquartered in London, Knight Frank has more than 16,000 people operating from 384 offices across 51 territories. The Group advises clients ranging from individual owners and buyers to major developers, investors and corporate tenants. For further information about the firm, please visit knightfrank.com.