Drapac to Sell Southbank Electricity Substation

A MASSIVE and prime located substation which pumps electricity to the inner-southern suburbs is expected to sell for more than $4 million as an investment, now, and a possible development site in the long-term.
 
The brown brick building at 99 – 101 Dodds Street in Southbank is occupied by electricity distributor Citipower, which has eight years left to run on a lease it signed in 1967, when Southbank was an industrial hub.
 
Ashley Wain, director for vendor Drapac told The Age the asset will generate a strong rental income for its next owner.
 
The substation, on the north-east corner of Miles Street, is surrounded by apartment buildings of around 10 levels. The developer bought the property about eight years ago for about $1.7 million.
 
CB Richard Ellis agents Mark Wizel and Sebastian Drapac are marketing the Dodds Street site.

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Marc Pallisco

Marc Pallisco

A freelance property writer and analyst, Marc is a co-founder of realestatesource.com.au.

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