2 4 9 J O H N S TO N
ST
ABBOTSFORD FOR SALE
EXPRESSION
OF
BY
INTEREST
T H U R S DAY 1 9 TH M A R C H 2 0 2 0 A T 2 PM
A VINTAGE INVESTMENT
CONTENTS EXECUTIVE SUMMARY
/ 07
LOCATION
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TENANCY DETAILS
/ 10
BUILDING DIMENSIONS AND AREA
/ 12
CENTRE OF EVERYTHING
/ 16
BUILDING HISTORY
/ 20
BENEFITS OF NEWLY BUILT STRATA RETAIL
/ 22
SALE METHOD
/ 23
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249 JOHNSTON STREET, ABBOTSFORD
INTRODUCTION Aston Commercial is pleased to offer 249 Johnston Street, Abbotsford for sale by Expression of Interest closing on Thursday 19th March 2020 at 2pm. Located within the Heritage faรงade of the former St Crispin House Building (built 1923) this tenancy sits at the base
of the recently completed multimilliondollar Pace of Abbotsford development. This striking development incorporates the old and new of the area making for a notable property with expansive street frontage. Adjoining Woolworths Metro this property offers investors the rare
opportunity to secure an experienced and recognised operator in an iconic building. Aston Commercial highly recommend this beautifully presented and securely leased property for your serious consideration.
249 JOHNSTON STREET, ABBOTSFORD
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249 JOHNSTON STREET, ABBOTSFORD
EXECUTIVE SUMMARY Location:
Property: 249 Johnston Street, Abbotsford
Lease Details:
Description: Brand new retail tenancy beneath the recently completed Pace of Abbotsford consisting of 133 residential dwellings.
Building Area:
m2
250m2*
Terms of Sale: 10% deposit with settlement in 60–90 days
*approx
Directly opposite the entrance to Victoria Park railway station and just 150 metres east of the intersection of Hoddle and Johnston Streets.
Leased to Blackhearts & Sparrows on a Ten year lease term with options at a starting net rental amount of $100,000 pa.
Method of Sale: For Sale by Expression of Interest (EOI) closing on Thursday 19th March 2020 at 2pm
Exclusive Selling Agents Jeremy Gruzewski 0422 211 021 jeremy@astoncommercial.com.au
Liam Rafferty 0421 886 655 liam@astoncommerical.com.au
249 JOHNSTON STREET, ABBOTSFORD
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LOCATION Located just 2km’s north east of Melbourne’s CBD in Abbotsford.
Some nearby businesses and infrastructure include: Abbotsford has become an extremely popular hospitality precinct with a number of iconic bars, restaurants and pubs centred in and around Johnston Street. ∞ Dr Morse ∞ Bodriggy Brewing ∞ Lulie Tavern ∞ Kelsos Sandwich Shop ∞ IGA ∞ Woolworths
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249 JOHNSTON STREET, ABBOTSFORD
With direct access across the road to the railway station and only 50 metres to Hoddle Street, access around the area could not be any easier. ∞ Victoria Park Railway Station ∞ Bus (200, 207, 966) ∞ Eastern Freeway
Not only popular for its’ nightlife, Abbotsford is surrounded by numerous lifestyle attractions which add to the demand for residents to move to this city fringe location.
There are currently around 1,000 residential apartments currently under constructions or at planning in the immediate vicinity as well as over 25,000m2 of office.
∞ Victoria Park Football Ground ∞ Darling Gardens ∞ Studley Park Boathouse ∞ Abbotsford Convent
∞ The Argyle – 33 apartments ∞ 288-298 Johnston St – 87 apartments ∞ 312-314 Johnston St – 20 apartments ∞ 218-228 Hoddle St – 10 levels office
249 JOHNSTON STREET, ABBOTSFORD
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TENANCY DETAILS
BLACKHEARTS & SPARROWS PRIDES ITSELF ON SOURCING ONLY THE BEST WINE, ESCHEWING THE MORE GENERIC AND MAINSTREAM OPTIONS WITH A KEEN FOCUS ON INDEPENDENT AUSTRALIAN PRODUCERS AND A THOUGHTFUL INTERNATIONAL SELECTION.
10 249 JOHNSTON STREET, ABBOTSFORD
TENANT: BHS Abbotsford Pty Ltd TRADING BUSINESS NAME: RENT: $100,000 + GST TERM: Ten (10) Years COMMENCEMENT: 15 February 2020 OPTIONS: 2 x 5 year options RENT REVIEWS: 3% annually with market review at exercise of option OUTGOINGS: Paid by tenant
OVERVIEW OF TENANT: Siblings Paul and Jessica Ghaie opened their first bottle shop, Blackhearts & Sparrows, in Melbourne’s north in 2006. The pair wanted to disprove the assumption that good wine is always expensive, and specialty wine stores are pretentious and intimidating. Melburnians clearly agreed; the city is now home to ten stores and they have another two stores across Tasmania and the ACT taking them to twelve. Blackhearts & Sparrows prides itself on sourcing only the best wine, eschewing the more generic and mainstream options with a keen focus on independent Australian producers and a thoughtful international selection. Its’ beers are carefully selected from both local and international brewers, while the spirits tend to be high end or unusual. Believing that sharing and drinking alcohol should be an experience, the team try and taste each selection before it hits the shelves. Suffice to say, if it’s not good enough for them to drink, then they wouldn’t want you to drink it either. www.blackheartsandsparrows.com.au
SECURITY DEPOSIT: Equal to 3 months rent plus GST + Personal Guarantor 249 JOHNSTON STREET, ABBOTSFORD 11
BUILDING DIMENSIONS AND AREA TITLE PARTICULARS FRONTAGE: 20.97m*
Total Building Area: 250m2*
DEPTH: 12.91m*
(*approx.)
Tenancy Floor Plan < Johnston Street >
VOLUME: FOLIO: Lot S3 on Plan of Subdivision 815384K 12 249 JOHNSTON STREET, ABBOTSFORD
Ground Floor Plan < Johnston Street >
Fire Stair
Air Lock
Tenancy 2 Mail Room
Stair
Fire
Refuse Room
End of Trip Facilities Ramp Down To Level 1
WOOLWORTHS METRO
Ramp Down To Basement 1
Laneway
Loading Dock
< Stafford Street > 249 JOHNSTON STREET, ABBOTSFORD 13
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249 JOHNSTON STREET, ABBOTSFORD 15
THE MULTIMILLION-DOLLAR PACE OF ABBOTSFORD WAS COMPLETED IN NOVEMBER 2019, CONSISTING OF 133 RESIDENTIAL UNITS AND 2 COMMERCIAL SPACES.
CENTRE OF EVERYTHING AND CONNECTED TO EVERYWHERE. Abbotsford’s working class roots are still visible in its heritage buildings that sit easily with an influx of new residents, eateries, bars and culture to create a visibly interesting suburb that’s also full of personality. The back streets and alleyways hide beer gardens and hole-in-the-wall cafés where there’s breakfast beyond smashed avo and homely spaces for hangovers. There are places for feasting and grazing, basements and rooftops where baristas and mixologists share
a space. For something a little less subtle, Victoria Street’s Little Saigon has branched out to add authentic Thai and Korean to the menu. With foggy windows, tightly packed seating, delicious and affordable food, new spots to eat are popping up all the time. When you live in Abbotsford you won’t waste time travelling because it’s all here. Home to some of Melbourne’s local fashion and jewellery brands and vintage furniture shops, the area showcases collectable and handcrafted
16 249 JOHNSTON STREET, ABBOTSFORD
pieces. A monthly farmer’s market and a homegrown brewery mean you’ll find fresh fruit, vegetables and beer that hasn’t left the neighbourhood. Close by is Abbotsford Convent, a beacon for the community and a hub of art, history and food. Surrounding the convent is the Collingwood Children’s Farm and abundant green spaces along the Yarra River and the Yarra Trail, a walking and cycling track that connects Abbotsford to the City and northern suburbs.
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WHEN YOU LIVE IN ABBOTSFORD YOU WON’T WASTE TIME TRAVELLING BECAUSE IT’S ALL HERE. HOME TO SOME OF MELBOURNE’S LOCAL FASHION AND JEWELLERY BRANDS AND VINTAGE FURNITURE SHOPS, THE AREA SHOWCASES COLLECTABLE AND HANDCRAFTED PIECES.
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BUILDING HISTORY
Statement of Significance WHAT IS SIGNIFICANT?
WHY IS IT SIGNIFICANT?
St Crispin House, at 247-253 Johnston Street, Abbotsford, dates from 1923 and is a large two storey red brick warehouse/commercial building with classical influences.
St Crispin House is of local historical significance. The building was constructed in 1923 and was originally occupied by two separate tenancies, one of which - the Grimson Shoe Machinery Company - is assumed to have been responsible for the building name, as St Crispin is referred to as the patron saint of shoemakers.
The main front (north) component is substantially externally intact, and is rectangular in plan form with a transverse hipped roof. The facade is divided into bays by rusticated brick pilasters (piers), with horizontal brick bands and capitals; three of the bays have entries. The facade also has cement rendered dressings, rounded string courses and a large entablature and parapet with a gabled signage panel. Windows have notched and chamfered mullions. To the rear are two hipped roof wings, with no visibility from Johnston Street. HOW IS IT SIGNIFICANT? St Crispin House, at 247-253 Johnston Street, Abbotsford, is of local historical and aesthetic/architectural significance.
Other, including later, shoe-related operations in the building included Standard Engineering Company Ltd, boot machinery manufacturers; and Shoe Fabrics Pty Ltd. The building is also demonstrative of the wider history of shoemaking and related operations in Abbotsford, which was historically a focus for this type of manufacturing. St Crispin House is also of local aesthetic/ architectural significance. The main front component to Johnston Street is substantially externally intact, with the facade being an example of the stripped and stylized classicist architecture seen
20 249 JOHNSTON STREET, ABBOTSFORD
in some commercial and institutional buildings in Melbourne following World War One. Ornate details include the quasi capitals of the rusticated pilasters, the thick rounded string courses, and the notched and chamfered mullions to the windows. The symmetrical placement of the pilasters across the facade, including framing the entrances, is skillfully done. The high parapet with gabled signage panel also enhances the prominence of the building, which has a strong presence to Johnston Street. *Heritage Council Victoria
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BENEFITS OF NEWLY BUILT STRATA RETAIL
*MINIMAL LAND TAX
*DEPRECIATION COSTS
*FLEXIBLE FLOOR PLANS
With the rising cost of land tax assessments particularly on freehold properties, strata has become an extremely vendor friendly option with annual costs at very low levels.
Depreciation refers to the loss in value a property experiences over time as a result of wear and tear. Itâ&#x20AC;&#x2122;s a common topic among investors, as the Australian Taxation Office (ATO) allows owners of an income-producing property to claim a tax deduction for this depreciation.
This open plan layout allow for a number of future uses within the tenancy catering to all aspects of retail including hospitality through to medical.
A quantity surveyor will work out how the buildingâ&#x20AC;&#x2122;s structure and assets will depreciate over their lifespan.
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With the continued growth in office rents and demand for space around Collingwood, Abbotsford, Cremorne and Richmond this property would also be well suited to office type users.
SALE METHOD
METHOD OF SALE For Sale by Expression of Interest (EOI) closing on Thursday 19th March 2020 at 2pm TERMS OF SALE 10% deposit with settlement in 60-90 days INSPECTIONS Strictly by appointment with the exclusive selling agents CONTRACT OF SALE & VENDORS STATEMENT Available upon request
Exclusive Selling Agents
Jeremy Gruzewski 0422 211 021
Liam Rafferty 0421 886 655
jeremy@astoncommercial.com.au
liam@astoncommerical.com.au
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DISCLAIMER This document has been prepared by Aston Commercial Pty Ltd for advertising and general information only. Aston Commercial Pty Ltd do not guarantee, warrant or represent that the information contained in this document is correct. Any interested party should undertake their own enquiries as to the accuracy of the information. Aston Commercial Pty Ltd excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damage arising therefrom. *Approximate
