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.

Share or Recommend article

Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.