An investor who may develop in the medium term has paid $4.2 million for a former Elsternwick clothing factory offered permit-ready for a five level apartment building with ground floor shops.
Seven bids came in for 590-596 Glen Huntly Road, which was marketed by Aston Commercial’s Liam Rafferty and Jeremy Gruzewski.
Based on the double storey building’s annual income ($55,000), the deal is being sealed on a 1.3 per cent yield.
The structure contains 1200 square metres of area which could be renovated as office space which in this part of the world would rent for in excess of $250 per sqm, pa (story continues below).
It sits on an 806 sqm Commercial 1 zoned site backing onto a car park.
The permitted Bruce Henderson designed complex (artist’s impression, top) contains 20 apartments and three shops.