Telstra lists another blue-ribbon development site
Telstra has listed for sale an outgoing exchange in bayside Beaumaris.
The 1545 square metre near rectangle shaped holding, 126-128 Reserve Road, carries $2.9-$3.1 million price hopes.
Zoned Neighbourhood Residential opposite Beaumaris Secondary College ovals, it is expected to find favour with townhouse developers.
An apartment project could also be considered, according to Nichols Crowder agent, Julian Vautin.
This pocket of Beaumaris, near the Black Rock border, is about 18 kilometres south east of Melbourne’s CBD.
Telstra lists another property
Telstra is offering 126-128 Reserve Rd with a two year leaseback.
Annual net rent for the first year is $135,000 – then rising 3pc.
After the initial term, it will have an 18 month renewal option (story continues below).
The vendor will also pay land tax and any building repair works during occupancy (the brick exchange spreads 520 sqm).
The listing comes seven months since Telstra sold the historic ex-Armadale Post Office and a neighbouring exchange, with a three year leaseback.
That buyer, Up Property, is expected to replace it with residential after paying $7m.
Also in April, the group divested a Hawthorn East exchange – 80 Camberwell Rd.
That purchaser, an offshore developer, outlaid $6.35m.
In 2022, Telstra offloaded a central Box Hill site able to accommodate a 12 level apartment building to Andy Zhang’s Zynergy Property – banking $4.7m.
However an exchange at Rowville offered last year with c$850,000 price hopes – also expected to attract townhouse developers – failed to sell.
Subscribe to our newsletter at the bottom of this page.
