Aston Commercial are pleased to offer 1103-1105 Riversdale Road, Surrey Hills for sale by Public Auction on Thursday 23rd February 2023 at 12pm on-site.
This unique and flexible offering enables investors the benefit of dual income from two tenancies with separate street frontages across a single certificate of title.
At an affordable entry level price point this exciting opportunity also as significant upside for a future development with a substantial allotment of land and flexible zoning allowing for the addition of residential
apartments to the existing structure or repositioning the site into a newly built mixed-use development. A number of key buying fundamentals have been ticked. The blue chip location, strong holding income, dual street frontage and development potential make this an outstanding opportunity.
Situated in the heart of the Wattle Park Village this property benefits from its immediate access to Public Transport, Deakin University and Box Hill Central.
Commercial 1 - (C1Z)
Leased across two tenancies with a combined rental income of $47,690 pa*.
For sale by Public Auction on Thursday 23rd February 2023 at 12pm onsite.
LAND AREA
A rectangular allotment of 344 sqm*
BUILDING AREA
10% deposit with the balance payable upon settlement in 60 days.
191 sqm* *approx
This property is situated at the junction of Riversdale and Elgar Road’s in the iconic shopping village better known as Wattle Park.
Approximately 13 km’s east of the CBD this is the starting location for the number 70 tram which runs along Riversdale Road through suburbs including Camberwell, Hawthorn then onto Richmond and finishing at Flinders Street Station.
It is also extremely close to the rapidly expanding Box Hill retail precinct, home to numerous Asian restaurants, national retailers and a mounting residential population.
Box Hill Central Burwood Brickworks
Deakin University
Box Hill Tafe
Wattle Park Primary School Kingswood College Presbyterian Ladies College Mount Scopus
Wattle Park
Gardiners Creek Reserve
Surrey Park
Box Hill Golf Course
Tram (Route 70)
Bus (281, 767, 768)
Surrey Hills Train Station
LAND AREA
Total land area
Riversdale Road Frontage Park Street Frontage Eastern Boundary Western Boundary
344 sqm* 6.19 m* 6.93 m* 53.65 m* 56.97 m*
*approx.
Commercial 1 - (C1Z)
To create vibrant mixed-use commercial centres for retail, office, business, entertainment and community uses. To provide for residential uses at densities complementary to the role and scale of the commercial centre.
THE PROPERTY IS BEING SOLD LEASED TO TWO TENANTS SUMMARISED AS FOLLOWS:
1103-1105 Riversdale Road, Surrey Hills
Tenant business name
Current Rent Term
Commencement
Further Terms Rent Reviews
Outgoings
Overview of Tenant
Jeeva Health Pty Ltd
$24,000 pa + GST
Three (3) Years 1st May 2022
One further term of Three (3) Years 3% annually Paid by tenant
Jeeva Health is established to promote health naturally through Ayurvedic Medicine and Yoga in Australia. Ayurveda has been developed by several generations of Acharya’s and Ayurvedic practitioners. The main aim of Jeeva Health is to strictly follow the principles of Ayurvedic philosophy, which is to promote longevity and prevent disease.
Major emphasis is placed on health promotion, chronic disease prevention and in the treatment of diseases for which the conventional medical system has been of limited or no assistance. https://www.jeevahealth.com.au/
11 Park Road, Surrey Hills
Tenant business name
Current Rent Term
Commencement
Further Terms
Rent Reviews
Outgoings
Overview of Tenant
M&K Sucre Pty Ltd
$23,690 pa + GST Three (3) Years 14th December 2020
Two (2) further terms of three (3) years 3% annually Paid by tenant
Specialising in made to order boutique cakes, sweets and pastries.
The digitally illustrated plan is an artist’s impression only, it includes elements that are for display purposes only and may not be to scale. Landscaping shown is indicative only.
Dimensions are approximate.
The digitally illustrated plan is an artist’s impression only, it includes elements that are for display purposes only and may not be to scale. Landscaping shown is indicative only.
Dimensions are approximate.
Flexible Commercial 1 - C1Z Zoning allowing for a wide range of future uses.
Dual Income across one certificate of title allowing future opportunity to part occupy.
Significant value add potential to either re-develop or re-purpose.
Strong village shopping precinct with a number of longstanding tenants.
Close to Deakin University, leading private schools and public transport on your doorstep.
Affordable price point for a freehold property.
With an extremely attractive land size of 344 sqm* and two prominent street frontages the potential to unlock this site simply cannot be ignored.
Surrey Hills has a median house price of $2,215,000* and a median apartment price of $825,000*, the flexibility of the Commercial zoning will allow for a terrific multi-level mixed-use development (STPA).
Its location to schools, university and public transport cater for all the key ingredients that residential occupants look for.
*Realestate.com.au (REA Group)
With the dual tenancies and staggered lease terms there would be opportunity to occupy in the building in part over the coming years. Ultimately allowing owners to derive income whilst running a business. This will also allow for future business growth to take over the entire freehold.
With the property representing a very sound structure there is also great opportunity for investors to improve the internals and floor plan with a refurbishment or extension to the building.
This will benefit in raising the face rents and provide a larger pool of future prospective tenants.
For sale by Public Auction on Thursday 23rd February 2023 at 12pm on-site.
Strictly by appointment with the exclusive selling agents.
10% deposit with the balance payable upon settlement in 60 days.
Available upon request.
“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
