I N F O R M AT I O N MEMORANDUM
262-266 Inkerman Street, St Kilda East For Sale by Public Auction Under Instruction from Executors
Contents
2
03
Introduction
04
Executive Summary
06
Location
10
Property Particulars
12
Tenancy Details
14
Project Development Summary
16
Method of Sale
17
Appendix
Introduction Aston Commercial and DBRE Property are excited to offer 262-266 Inkerman Street, St Kilda East for sale by Public Auction. Offered for the first time in over 50 years this truly is a rare offering. The prime corner allotment of 358sqm* is in the heart of the tightly held St Kilda East precinct, a prime city fringe suburb just 8 kilometres from the CBD. The property is securely leased to long standing tenants, Zanini Pizzeria and New Inkerman Drycleaners providing security of income. A flexible property that is ideal for either the Passive Investor seeking consistent solid returns or the Entrepreneurial Investor that can unlock the future development upside. With a Commercial 1 Zoning there is scope to explore multiple project options (some subject to Council Approval) in the future, whilst receiving regular rental income from the well-established tenants.
Cashflow Today, Develop Tomorrow 3
Executive Summary DESCRIPTION PROPERTY ADDRESS 262-266 Inkerman Street, St Kilda East
First time offered in over 50 years, the property has always generated rental income allowing the potential today for further growth. Furthermore, given the strength of recent mixeduse developments within the area, the property also has the potential for multiple project options, some subject to Council approvals.
LAND AREA: 358sqm*
TOTAL RENTAL (LEASES)
BUILDING AREA: 236sqm*
$81,423 per annum*
LOCATION
ZONE
ZONING Commercial 1
Situated on the north west corner of Inkerman Street and Leslie Street, the property benefits from prime corner exposure in the tightly held St Kilda East precinct.
METHOD OF SALE
TERMS OF SALE
Auction Thursday 25th February 2021 at 12 noon on-site
10% Deposit Balance 60 days
*approx.
James Davie 0412 209 696 james@dbreproperty.com.au
David Bancroft 0418 318 747 david@dbreproperty.com.au
Jeremy Gruzewski 0422 211 021 jeremy@astoncommercial.com.au
Fred Nucara 0418 567 560 fred@astoncommercial.com.au
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Location St Kilda East is a suburb of Melbourne, Victoria, Australia, 6km south-east from Melbourne’s Central Business District. It is located within the local government areas of the City of Glen Eira and the City of Port Phillip. At the 2016 Census, St Kilda East had a population of 13,101. St Kilda East is one of the more diverse and densely populated suburbs of Melbourne. Quiet and residential, it is quite different from the adjacent suburb of St Kilda. However, the area around Carlisle Street is very diverse with a strong arts, alternative and indie community.
SUBURB PROFILE: BUY Median House Price
$ 1,530,000*
Median Unit Price
$ 591,000*
RENT
UpDog Yoga
Median House Price
$ 700 pw*
Median Unit Price
$ 410 pw*
*REIV
Coles
Subject Property F45 Training Inkerman Medical Group
Inkerman
Hewison Reserve
Street
Hotham
Street
Inkerman Hotel
7-Eleven
Carlisle S
treet
7
Some nearby businesses and infrastructure include:
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Coles
Alma Park
Balaclava Train Station
Chemist Warehouse
Hewison Reserve
Tram network
7-Eleven
St Kilda Botanical Gardens
Cross-Fit Balaclava
Inkerman Hotel
St Kilda Primary School
F45 Training
Glass Merchants Cafe
Melbourne Grammar
Salt Pilates Studio
Grill’d
Little Patch ELC
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Property Particulars TITLE PARTICULARS 262-266 Inkerman Street, St Kilda East Volume: 0440 Folio: 982 Lot 1 on Title Plan 687297A
LAND DIMENSIONS AND AREA Inkerman Street Frontage: Leslie Street Frontage: Western Boundary: Rear Boundary:
15 metres* 21 metres* 20 metres* 17 metres*
Total Land Area:
358 square metres*
TENANCY 262-264 Inkerman St, St Kilda East (Zanini Pizzeria):
167.54 sqm*
266 Inkerman St, St Kilda East (New Inkerman Drycleaners):
68.31 sqm*
Total Building Area:
235.85 square metres*
*approx.
ZONING Under the city of Port Phillip Planning Scheme the zoning of the land is Commercial 1 – (C1Z). This zoning encourages a variety of commercial, retail, residential and other specialist uses, some of which require statutory approvals.
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3 5 8 s q m*
2 1 m*
2 0 m*
1 7 m*
1 5 m*
11
Tenancy Details The property is being sold subject to a lease summarised as follows:
ZANINI PIZZERIA Tenant:
Gemma St Kilda Pty Ltd
Current Rent:
$54,099 pa
Lease Commencement:
2011
Current Term:
Three (3) years expiring February 2024
Options:
3+ 3 years
Reviews:
CPI annually and Market review at option renewal
NEW INKERMAN DRYCLEANERS Tenant:
New Inkerman Dry Cleaners Pty Ltd
Current Rent:
$27,324 pa
Lease Commencement:
2013
Current Term:
Three (3) years expiring June 2022
Options:
Nil
Reviews:
CPI annually
Due to Covid-19 annual increases for 2020 have been waived.
The total rental income under the current Leases is a $81,423 per annum plus outgoings and gst. There is scope for strong rental growth for the passive investor looking to hold and obtain a consistent investment return better than other alternative investments. A full copy of the leases can be provided upon request.
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TENANT OVERVIEW Zanini Pizzeria: 262-264 Inkerman Street, St Kilda East Zanini has been offering authentic Italian food since 2002. Relax in their warm and rustic atmosphere, while enjoying fresh and truly Italian food. At Zanini you can choose from a broad selection of wood fired pizza and mains, including delicious home-made pasta and risotto al dente. Allow yourself to enjoy the inimitable flavour of Italian food and staff: having dinner at Zanini is like travelling around Italy, from the Alps to Sicily, passing through the Tuscan hillside and Rome. Each meal is made respecting the old Italian tradition. Enjoy the established quality of Zanini Pizzeria at your doorstep or order online today and pick up your takeaway from Inkerman Street in St Kilda East. Find out more - zaninipizzeria.com.au
TENANT OVERVIEW New Inkerman Drycleaners: 266 Inkerman Street, St Kilda East A local dry cleaning institution that has served the St Kilda East community and surrounds for many years. In fact, the building has been utilised as a dry cleaning business for over 30 years and today the tradition continues. The corner location allows ease of access for drop-off and collection to the many loyal customers.
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Potential Development The property benefits from existing rental income and also the scope to develop further, subject to Council Approvals. There is undeveloped land at the rear and easy access from Leslie Street. The Commercial 1 Zoning allows a multitude of higher density projects in the future provided Council Approval can be obtained.
Some of these may include:
Ground level retail and upper level residential
Multi-Level Retail and Office
Medical and Health
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Future Development Potential (STCA)
15
Method of Sale
METHOD OF SALE
TERMS OF SALE
Auction Thursday 25th February 2021 at 12 noon on-site
10% Deposit Balance 60 days
INSPECTIONS
CONTRACT OF SALE & VENDOR STATEMENT
By appointment only
Available on request
Exclusive Selling Agents:
James Davie 0412 209 696 james@dbreproperty.com.au
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David Bancroft 0418 318 747 david@dbreproperty.com.au
Jeremy Gruzewski 0422 211 021 jeremy@astoncommercial.com.au
Fred Nucara 0418 567 560 fred@astoncommercial.com.au
Appendix - Title Plan
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DISCLAIMER This document has been prepared by Aston Commercial Pty Ltd and DBRE Property Pty Ltd for advertising and general information only. Aston Commercial Pty Ltd and DBRE Property 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 and DBRE Property 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
