Prahran pet shop sold for apartments
Little Projects has bought a pet shop in Prahran’s High Street with plans for apartments.
At the south west corner of Pakington Street, also exposed to Upton Lane, the 1206 square metre block set it back $12 million.
It previously traded in early 2022 for $10.2m.
In that campaign, it was a straight development opportunity, permit-ready for a five level complex with 20 dwellings over basement car parking; Travis Walton Architecture penned the project.
This time, it was marketed also to investors, with Woolworths-backed Petstock paying $217,350 per annum, with fixed rent rises of 12 per cent until 2032.
The lease includes an early termination clause for development.
Little intends a high-end project; the land forms part of a commercial precinct (continues below).
“This site represents a compelling opportunity for Little Projects to re-enter the high-end residential market with a project that aligns strongly with our design-led approach and long-term vision, director, Leighton Pyke, said.
“Prahran is a highly sought-after and proven location, appealing to a broad buyer demographic and underpinned by exceptional amenity, connectivity and lifestyle,” he added.
Opportunities of this scale and quality in such an established suburb are increasingly rare, and we see a clear opportunity to deliver a premium residential or mixed-use outcome,” according to the executive.
CBRE’s Darren Beehag, Justin Kramersh and David Napoleone represented the vendor.
Colliers’ Ben Baines and Alex Browne acted for the buyer.
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