Telstra lists spectacularly located exchange with 12 level scheme
Telstra has listed one of its best-located outgoing exchanges – capturing bay and city views.
The irregular-shaped 974 square metre parcel at 22A Abbott Street, in the heart of Sandringham Village, is expected to wind up in the hands of a developer.
The telco is offering it with a concept plan for a 12-storey mixed-use building designed by CJY Architects.
Alternatively, the existing 560 sqm building could be repurposed and extended.
GrayJohnson’s Rory White and Matt Hoath are the agents.
Charter Keck Cramer is the transaction adviser.
Income, development upside
Telstra is offering the Sandringham exchange with a three-year leaseback with an 18-month option.
The rental agreement includes an early termination clause should the incoming owner want to develop (continues below).
Given the Commercial 1 zoning, several development outcomes could be considered, including offices, a hotel – or a combination of both with residential.
A multi-level healthcare hub could also be accommodated, with a medical centre, childcare centre and other essential services.
“Exchange sites in locations like Sandringham Village are exceptionally rare, particularly with this level of flexibility for redevelopment or adaptive reuse,” Mr White said.
“The combination of immediate holding income, favourable planning controls and the potential for bay views is expected to attract interest from a broad range of developers, investors and owner-occupiers,” he added.
“The property also lends itself to a range of alternative uses from medical to hospitality through to creative office space giving purchasers multiple pathways to unlock value over time,” according to the executive.
Sandringham, about 17 kilometres south of the CBD, carries a median three-bedroom apartment price is $1.243 million, according to REA Group, up 9.5pc for the year.
One bedroom units average $439,500 – a 20.4pc rise in 12 months.
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