South Melbourne Panel Beater Site to Fetch $20 Million
They are expected to make more than $20 million from the sale of a 4,217 square metre development site, at a high profile corner abutting the South Melbourne Market on York Street to the south, and Spotlight’s new Cecil Street headquarters to the east.
Novak uses part of the site as a panel beating workshop, leasing other parts of the site to gas equipment provider BOC Gas and Gear, and education service provider ACTH Management.
Kelemen Commercial sales executive Craig Ferguson, who is marketing the property, said he expects the site to arouse interest from developers wanting to generate a cash flow from an asset, while obtaining relevant permits to develop something new.
Strong rental growth in South Melbourne’s office, retail and residential sectors suggest the site could make way for a large mixed use centre. The site will be sold with a Business 1 zoning.
