BUY ME. 4 4 2 - 45 2
North Road ORMOND
I come with security of while planning for a br
income ight future.
Let me introduce myself.
YOUR EXCLUSIVE AGENTS, SAY HELLO TODAY.
Rodney King
Jeremy Gruzewski
Director of Agency 0422 839 870 rodney@astoncommercial.com.au
Executive Director 0422 211 021 jeremy@astoncommercial.com.au
442 - 4 5 2
North Road ORMOND This outstanding corner property is located in the highly desirable and affluent suburb of Ormond. In recent times it has been converted and adapted to operate as a school and is leased to Beis Efraim College, an orthodox Jewish School with students across all age groups. With 12 years remaining on a 18 year lease the asset provides a strong and secure income stream in a time when income has never been more important. There is also undeniable development potential well into the future at leases end. The superior corner location will allow for a significant high density redevelopment.
ANNUAL RENTAL INCOME
$482,051 pa*
BUY ME For Sale by Expressions of Interest closing Thursday 29th February 2024 at 3.00pm
BUILDING AREA
ZONING
1,559 sqm*
Commercial
LAND AREA
12 km*
1,651 sqm* LEASED UNTIL
2032
Zone 1
FROM MELBOURNE CBD
TERMS OF SALE 10% Deposit Balance up to 90 days
I’m diligent and hard-working, with long-standing tenant. The Property is fully leased to Beis Efraim College, a well established Orthodox Jewish school. The school caters to both male and female students and has been established in this building since 2015. TENANT:
Beis Efraim College
TERM:
18 years - Commenced – 16th September 2014 / Lease Expiry - 15th September 2032
OPTIONS:
One further term of 7 years
RENT:
Net Rental of $482,051.25 pa + GST
RENT:
3.5% plus GST annual reviews with a market review in 2032
SECURITY DEPOSIT:
An amount equivalent to 6 months rent plus GST in the form of a bank guarantee
OUTGOINGS:
The tenant pays 100% of outgoings under the lease
LAND TAX EXEMPT The tenant is a registered charity and therefore makes this property Land Tax exempt.
DEMOLITION CLAUSE Under special condition 3.1 of the lease variation is a demolition clause in favour of the landlord. The clause allows for; • 12 months’ notice to vacate from September 2031. • The tenant has no rights for any further compensation.
I’m a sizeable two-level building with ambition. Erected on the property is a functional two-level office building which has been converted into a school. Currently leased to Beis Efraim College.
BUILDING DETAILS TOTAL BUILDING AREA
1,559 sqm
*
LAND AREA
1,651 sqm*
FIRST FLOOR:
1,029 sqm* GROUND FLOOR:
530 sqm* ZONING
Commercial 1 Zone City Of Glen Eira
30
CAR SPACES
W H E AT L E Y R O A D 3 4 .1
3. 4
442 NORTH ROAD
UNDERCOVER CARPARK
2 LEVEL
BUILDING ABOVE
OFFICE BUILDING
42.7
45.3
SUB STATION
0
N O RT H R OA D
ROLLER SHUTTER 6.3M W X 3.0M H
2
4
6
8
10
SC ALE 1 : 250
36.6
SITE PLAN
W H E AT L E Y R O A D
38.6
G R O U N D F LO O R
N O RT H R OA D
15.0
W H E AT L E Y R O A D
VOID
38.6
F I R ST F LO O R
N O RT H R OA D
2 8 .9
I’m ready to unlock my full potential. Before the tenant made a long term commitment the owners obtained a planning permit for 6 levels. Not withstanding the permit will have expired once you can gain access to the site, a blueprint of what is possible has been provided. Peddle Thorp architects provided a unique, functional and efficient design which is highly suitable to the local market catering to owner occupiers as well as investors. The design blends seamlessly into the local residential streetscape and is aesthetically pleasing integrating the Bayside lifestyle. Under the commercial 1 zone office is also permissible. You may consider an office tower instead, should the strata office market be out performing the apartment market in 2032.
Artist Impression
DEVELOPMENT SUMMARY FOR CURRENT PERMIT TOTAL NUMBER OF APARTMENTS:
39 TOTAL RETAIL SPACES:
2
TOTAL NSA:
APARTMENTS NSA:
3,567 sqm* RETAIL NSA:
907 sqm
*
4,474 sqm
*
I’m located in an affluent Melbourne suburb boasting proximity to quality schools and amenities.
WELL SERVICED BY:
ORMOND 3204 The Property is well positioned in Ormond and surrounded by other affluent suburbs such as Bentleigh, Caulfield South and Carnegie. Located on a prominent corner the property commands main road presence, branding and exposure. Ormond is a South Eastern suburb of Melbourne, Victoria which is approximately 12 kilometres from the Melbourne Central Business District. It is part of the Glen Eira City Council which has an estimated population of 151,694. The area comprises a diverse community, ranging from young families attracted to the area’s schools and parks to professionals appreciating its proximity to the CBD.
ORMOND City of Glen Eira
Median house price:
$1,774,000 Median apartment price:
$570,000
Source: realestate.com.au Nov 2022 - Oct 2023
SUBURB PROFILE
8,511
$2,091
21%
16%
Population
Median weekly household income
Parents and homebuilders (35 to 49)
Young workforce (25 to 34)
HOUSEHOLD TYPE Couples with children
1,111
Couples without children
702
Lone person
957
BUY ME.
442 - 452
North Road ORMOND
WHAT, WHEN & HOW? Expressions of Interest closing Thursday 29th February 2024 at 3.00pm Terms: 10% Deposit, Balance up to 90 days Payment of Deposit Options: 1. Cheque – Personal or Bank payable to Aston Commercial Sales Trust Account 2. Macquarie Direct Debit Pay via secure portal link
INSPECT
REQUEST
Make a private appointment with the exclusive agents
A contract of sale and vendors statement
Rodney King
Jeremy Gruzewski
Director of Agency 0422 839 870 rodney@astoncommercial.com.au
Executive Director 0422 211 021 jeremy@astoncommercial.com.au
DISCLAIMER “Materials” refers to any representations, statements, documents, data, statistics, measurements, estimates, figures, calculations, projections, approximates or otherwise stated by Aston Commercial Pty Ltd whether verbally or in writing. The Materials have been collated to assist potential purchasers for advertising and general information only to assist potential purchasers to decide whether to proceed with further investigation in relation to the property or the land. The Materials provided by Aston Commercial does not constitute any offer or contract of sale and is not to be relied upon prior to signing any relevant contract. Any dimensions or measurements of the property or the land (internal and external) are approximates only and should not be relied upon before signing any contract. The potential purchaser must conduct investigations to satisfy themselves that any Materials provided are accurate. Aston Commercial excludes unequivocally all inferred or implied terms, conditions and warranties arising out of the Materials and excludes all liability for loss and damage arising therefrom. *Approximate
