A Newmarket property with recently vacated ground floor premises, tenanted offices above plus an excellent supply of car parking offers a multi-use opportunity for an add value investor, owner occupier or tenant.
Located at 96A Carlton Gore Rd, the offering comprises 387 sq m of commercial space encompassing a 239sq m ground floor and a 148 sq m mezzanine level above. Bayleys’ senior commercial brokers Cameron Melhuish and Ben Wallace have been appointed to market the property by deadline private treaty closing July 8. Offers can be made to either purchase the unit and associated parking or lease the ground floor.
Melhuish says one of many attractive features of the offering is its 15 car parks, which is a high number for premises of this size, particularly in Newmarket.
“The property is part of the mixed-use Domain Terraces development which was undertaken in the mid-1990s on a large sloping site on the corner of Carlton Gore Rd and George St and contains Paddington-style terraced housing built around a central common garden area plus commercial units along Carlton Gore Rd. A large number of secure, covered carparks were incorporated into the development primarily for its residential occupants but commercial tenants have benefited as well.”
The ground floor of 96A has an allocation of nine car parks located close to its rear access while the occupied office space comes with six car parks located on a parking level above.
Melhuish says the Level One office floor has its own separate entrance from Carlton Gore Rd and provides a mix of open plan work space and private offices. It is currently leased to an accountancy firm and is generating net annual rental income of $61,737 plus GST on a lease until November this year, with two three-year rights of renewal.
The ground floor has substantial frontage to busy Carlton Gore Rd and was until recently occupied by a tailoring business which partitioned the space into several rooms. Ben Wallace says it could be easily opened up again to provide expansive character space incorporating the polished concrete flooring and exposed ceiling building services.
“The floor is fully self-contained and has a stud height ranging from 3.5m on just over 60 per cent of the premises located under the office floor to a 6.5m stud at the rear of the unit.
“An added bonus, which increases the floor’s appeal to a business with a substantial storage requirement and wanting some warehouse space in Newmarket, is a large, double-level roller door at the rear. There is easy access to this via a wide, short service lane with plenty of turning space for trucks, vans and cars in the spacious, very high stud undercover parking area.”
Wallace says the ground floor offers significant versatility and would suit showroom, retail, office or other commercial uses.
“An indication of the range of options available are provided by the variety of businesses that are operating in the nearby ground floor units. Next door is a gymnasium, the premises neighouring this has medical occupants - Trinity MRI imaging and Philips Healthcare - and on the other side of that is an upmarket furniture store. These premises have been fitted out to a high standard and have a strong road front presence.”
Melhuish says the property is well positioned amongst a sizeable commercial and residential population and is a short walk from Broadway and the array of amenities that Newmarket has to offer, including the recently opened, expanded Westfield shopping centre.
“In addition to tenants, this offering will appeal to owner occupiers, who could secure the ground floor space and carparking for their business and enjoy the supplementary income from the established professional services tenant upstairs. For entrepreneurial investors, there’s a big opportunity here to substantially increase the property’s total rental by maximising the undoubted leasing potential of the ground floor.”
Melhuish says there appears to be continuing strong demand from owner occupiers for well- located vacant or semi vacant premises. He and Wallace sold a 566 sq m refurbished character building suitable for a mix of uses at nearby 22 McColl Street, Newmarket for $3.5 million at auction in March.
During Covid 19 Level 4 lockdown, Melhuish also sold a vacant 177sqm villa converted for commercial use at 487 Parnell Rd, Parnell for $2.15m after receiving four offers, all from business owner occupiers.