Bike brand’s North Melbourne warehouse store for sale
A longstanding North Melbourne warehouse with dual street frontages is set to take a ride on the market.
The property at 19-23 Provost St was owned by a father and grandfather and used as a base for their family business.
Now managed by their children and leased to Lekker Bikes Melbourne Brand Store for about six years, the family has decided to let the asset go.
Commercial Insights: Subscribe to receive the latest news and updates
It has a price tag of $3-3.3 million.
Alexkarbon director Charles Bongiovanni says the warehouse was vacant before Lekker Bikes moved in.
The property was vacant before being leased to Lekker Bikes.
“It was bare, old, dusty and hadn’t been used for a long time,” Bongiovanni says.
“Lekker Bikes made it quirky and ran a successful business here.
“They have a short-term lease but would potentially stay on if someone wanted them to.”
The vendors have decided to invest their money in other areas.
The property is on about 507sqm and zoned for mixed use.
It features a large workshop, storage, office spaces, a garage and a warehouse downstairs.
A bedroom, kitchen and laundry are on the upper level.
Bongiovanni says the warehouse will likely be redeveloped or sold as an investment, subject to council approval.
20 Provost St sold for $365,000 in 2011, according to CoreLogic.
“It would be great if someone could turn it into residential conversions,” Bongiovanni says.
“That could be a really good development.”
Expressions of interest will close at 5pm on the 28th February.
This article from the Herald Sun originally appeared as “Vendors change gears on family warehouse in North Melbourne”.
