Potential Richmond start-up space tops most-viewed properties list
From landmark Melbourne offices to secret Sydney bars, this week’s most viewed properties on Realcommercial runs the full gamut of commercial opportunities.
Here are the top-performing and most popular properties in each state.
VIC – A NEW HOME FOR YOUR START-UP?
The two-storey office space at 229 Lennox St in Richmond.
This refurbished Richmond building has “co-working space” or “start-up” written all over it.
Currently for lease in a popular pocket of inner-city Richmond, the converted office space was the most viewed property in the country last week, due in large part to the demand for funky spaces for creatives and small businesses.
With 435sqm of floorspace across two levels, four car spaces and polished floorboards, REA chief economist Nerida Conisbee says it’s the kind of property that always captures attention.
“Richmond is incredibly popular with tenants at the moment, and particularly this type of space with start-ups,” Conisbee says.
“I imagine many of them are looking at the location and feel of the building and thinking it would be a great option for them.”
NSW – SECRET CHIPPENDALE BAR
49-51 Goold Street, Chippendale
The Chippendale building is home to Saga Bar.
You’d never guess that behind this inauspicious and grimy Chippendale building lurks a stunning secret bar, along with a residence.
Home to Saga Bar, which has a five-year lease, the property is tucked away in the increasingly popular laneways near Spice Alley and has huge potential upside as the area gentrifies rapidly.
Spanning two storeys, including a stunning modern residence, it’s a mixed-use opportunity that could one day be whatever you want it to be.
Conisbee says with Chippendale on the up, properties there have the potential to be strong long-term investments.
“That whole area is really cool. It’s got some really nice restaurants and is benefiting from a strong growth in population and wealth,” she says.
QLD – DEVELOPMENT SITE IN DEMAND
The Balmoral development site was the week’s most popular Queensland property.
Hunger for development sites is as strong as ever in Brisbane, and particularly in the inner city, where this Balmoral site has been a huge hit.
Occupying a substantial 2.33ha tract of land in immediate proximity to the master planned Bulimba Barracks site and only 4km from the CBD, the property’s favourable planning conditions, three street frontages and Brisbane River position have seen it drawing big attention in the early part of its campaign.
Conisbee says Brisbane’s inner city is proving to be surprise performer on the development site market.
“Development is one of those sectors that has been struggling for quite some time, but there’s a real rental property shortage in Brisbane at the moment, which is fuelling interest in development sites,” she says.
“There was a belief that the city would become very oversupplied, but that doesn’t seem to have been the case.”
Knight Frank is marketing the site, which is for sale through expressions of interest, closing on April 15.
SA – QUIRKY OFFICE IN THE CITY’S HEART
The historic office building at 242 Grenfell St in Adelaide.
Could this stunning property on the edge of Adelaide’s CBD be your next office? Or could someone see a restaurant, retail space or Airbnb in its future?
Only one street away from Rundle Mall, the two-storey Grenfell Street building could not be better positioned, and is offered with vacant possession, giving the new owner the chance to make their mark immediately.
The property has 72sqm of floorspace over two levels, including a kitchenette and bathroom upstairs and an oversized storage attic.
For sale directly through its owner, it currently has a $549,000 price tag attached.
WA – REGIONAL PUB GOING CHEAP
Mitchell Hall Hotel, 41 Tudhoe Street, Wagin
The Mitchell Hall Hotel at Wagin in WA.
It’s the third week on top in Western Australia for a fully operational – and astonishingly cheap – regional pub and hotel.
The Mitchell Hall Hotel in Wagin, east of Bunbury, is selling for $445,000 and includes the pub along with 21 rooms of accommodation, a full commercial kitchen, other rooms and a four-bedroom manager’s residence.
It also has a separate two-bedroom apartment, which returns more than $15,000 annually on its own.
The entire package is priced at just $445,000 as the owners seek a speedy sale of the heritage-listed asset.
NT – FANNIE BAY BOARDING HOUSE
31 George Crescent, Fannie Bay
The Fannie Bay property was the most-viewed in the Northern Territory last week.
One Northern Territory property soared above the rest on Realcommercial last week,
Touted as a ready-to-run business, a development opportunity or a land banking play, Fannie Bay’s Bayview Lodge is ready to plug and play, with a double-storey boarding/accommodation house with 25 bedrooms and self-contained caretaker’s flat, along with communal facilities including a recently renovated kitchen, a coin-operated laundry, games room, lounge, separate female and male bathroom facilities, outdoor spa and landscaped gardens.
Only metres from the beach and on a 1032sqm corner site, agents from LJ Hooker Commercial say Bayview Lodge has development potential and is only 10 minutes to the Darwin CBD.
TAS – HOTEL HOGS THE LIMELIGHT
National Park Hotel, 2366 Gordon River Road, National Park
The National Park Hotel in Tasmania.
It’s a third week on top for Tasmania’s National Park Hotel, which remains popular among potential owner-operators as it approaches the end of its sale campaign.
Selling as a ‘going concern’, the historic asset is seeking its next custodian in one of Australia’s most beautiful locations, surrounded by attractions including Maydena Bike Park, the Styx and Florentine valleys, Junee Caves, Strathgordon Dam, Lake Pedder and South West National Park.
If you’re yet to take look at the 1920s property, be quick – its expressions of interest campaign closes on March 27.
ACT – BE A PART OF THE NEW GUNGHALIN
The land is a key part of the new Gunghalin Town Centre.
Gunghalin is an ACT town on the move, and this large block of development land – one of five for sale in and around the new town centre – is right in the thick of it.
Zoned for mixed-use, Block 2 is the closest to the new town hub and light rail, and with a footprint totalling more than 16,000sqm, developers are already eyeing its potential uses.
Conisbee points to Canberra’s strong development pipeline, which shows little sign of abating.
ACT always sees very high levels of development, and Gunghalin is one of those areas currently experiencing growth,” she says.
“House and land is still very popular in Canberra.”
Surrounded by Gungahlin Market Place, Gungahlin Village, bars, restaurants and local offices, the property’s auction is fast approaching. It will go under the hammer on Wednesday, March 25.
