Apartments on horizon for home of SEN Radio?

A Richmond office and warehouse leased to ASX-listed media company Pacific Star Network is on the market, with developers expected to flood in for the chance to buy the prime Swan St site.

The building at 471-479 Swan St and 10 Belgravia St is wholly leased to Pacific Star, which owns popular Melbourne sports radio station SEN.

SEN is currently run by media personality Craig Hutchinson after Pacific Star’s recent acquisition of Hutchinson’s sports content and entertainment business Crocmedia.

Commercial Insights: Subscribe to receive the latest news and updates

The property, which was last sold in 2003, sits on a 3025sqm site and has 2323sqm of total building area, spread over two levels. It also has 34 car parks covering 942sqm, over four additional titles.

Pacific Star Network has a lease on the building until 2022 for $470,000 annually, with no options to extend.

The building is home to Pacific Star Network, which runs SEN Radio

Burgess Rawson and Gross Waddell are co-agents on the expressions of interest campaign, with Burgess Rawson’s Rick Silberman saying there are few sites of this size and scale remaining in this pocket of Melbourne’s inner city.

“This is a once in a generation asset that offers endless potential in a vibrant and character-filled city fringe location, which has shown consistent year-on-year population and economic growth. It is widely regarded as one of the most sought after inner-city areas to work and live in Melbourne,” Silberman says.

“The well positioned site, which is on a main road, is expected to appeal to both local, interstate and offshore developers.”

The site covers more than 3000sqm.

“Pacific Star Network will remain in the building for a further four years, making it an excellent proposition supported by the compression of yields in the area. The site is also zoned Commercial 1, which will allow for a range of development options.”

Gross Waddell director Andrew Waddell says the property will provide good returns while the buyer determines its future.

“The site offers future mixed-use development options, adding significantly to the potential upside whilst obtaining a great return.”

Options for the site include a larger office development, showrooms or residential redevelopment.

The expressions of interest campaign closes on Thursday, June 28.