Bargain Collingwood retail gem hits the market offering a ‘rare’ investment opportunity
A prime retail site at 143 Johnston St, Collingwood awaits transformation from a new owner.
A prime Melbourne inner-north retail site is now up for grabs with an attractive ‘bargain’ price guide
The site at 143 Johnston St, Collingwood has been described in its listing as a “blank canvas,” offering significant opportunity for savvy investors, seeking offers ‘exceeding $750,000’.
The property, equipped with a functional mezzanine, the 77sq m commercial space has the potential to be transformed into a luxury retail destination or a bespoke office space (subject to council approval).
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Peter Markovic Fitzroy auctioneer Paul Markovic said the momentum has been steadily building since the property hit the market – with the site boasting a flexible Commercial 1 Zoning, offering an array of exciting possibilities such as retail, office, business, entertainment, community purposes, and even residential applications.
“Nestled in a bustling area surrounded by boutique retailers, it benefits from a constant stream of pedestrian traffic, making it a lucrative location for future business,” Mr Markovic said.
Might be a cold place to sleep in winter: the mezzanine of the property is currently occupied by the current vendor’s son.
The site sits ready to be transformed with some interested investors eyeing potential vertical expansion for future development.
“The vendors are based in New Zealand, and with its zoning – their son is presently residing in the premises, so you could use the site as a shop and a dwelling.”
“Buyers looking for a shell can convert it into a retail space and very well add a residential component to the property – with over 11 interested parties already.
“It presents an appealing entry-level business opportunity, with potential for vertical expansion, given the lack of structures above.”
Peter Markovic Real Estate Residential and Commercial Property specialist said the opportunity for commercial buyers to invest in a retail space like this was rare for its asking price.
Despite the cliche saying Mr Markovic said it is quite rare to have a commercial property so close to the city with an asking price of over $750,000.
“It’s the perfect entry point – developers are eyeing it for a two-bedroom apartment build atop the retail space below,” he said
“The Melbourne commercial market, currently experiencing a downturn with retail spaces struggling, inadvertently makes this an opportune time to buy.
Endless potential: The interior of the “blank canvas” property
“Retail businesses are shutting down left and right – it’s tougher than most realise for small businesses, people are spending less, and those of modest means are tightening their belts.”
The auctioneer said that policy changes are crucial on a state and federal government level to ease the tax burden on small businesses.
Expressions of interest close on November 14.
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