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THIS TROPHY BUILDING is being offered for Sale by Tender — closing at 3 pm on Wednesday, 10 December 2014 (AEDT).
The magic of Melbourne’s cafe culture within its streets and laneways is well known throughout the world. And nowhere captures this cosmopolitan mix of food and buildings … quite like Hardware Lane.
However, this property probably gives you the best combination: A stunning building, with a good spread of top-quality tenants — to help generate a good return on your investment.
About nine years ago, the building was totally refurbished — new lift, air-conditioning, the lot — even down to replacing the original timber floors.
The tenancy profile is what’s most impressive, with each lease having its own separate title — providing you with 8 titles in all.
The upper-ground and lower-ground floors are let (on a new 10-year lease from September this year) to David James … who also runs the successful James Squire Hotel in Docklands.
On the upper levels, there is a combination of whole and part-floor tenancies. PLUS there is also the possibility to add a couple of 2-story penthouses, in the air-space available above the building.
The passing net rental is $428,259 per annum … with the opportunity to increase that, as from January next year.
You can watch a short Video to discover more details.
The property is being offered for sale by Knight Frank in conjunction with Property Edge Australia — with Tenders closing at 3 pm on Wednesday 10 December (AEDT).
Bottom Line: This building is a classic Hardware Lane freehold. Originally constructed in 1889, the building underwent a complete refurbishment less than 10 years ago.
Hardware Lane is simply one of the best examples of Melbourne’s Cafe culture. Plus, it’s probably the most recognised laneway within Australia.
