A prime development site located at 173-177 Barkly Avenue, Burnley sold for $20.5 million, brokered by Colliers agents Ben Baines, Rob Joyes, and Alex Browne.
Colliers announce the successful transaction of a prime development site located at 173-177 Barkly Avenue, Burnley, which has changed hands for $20.5 million. This significant site, purchased by Salta in 2019, contained within a single certificate of title, is situated on the corner of Barkly Avenue and Adam Street in Burnley's highly sought-after city fringe suburb.
The property currently comprises the iconic Rogerseller building, featuring a single-level heritage style warehouse converted into a showroom and office space. The building boasts a total Net Lettable Area of approximately 1,685 sqm, including 23 at-grade car bays.
The property was sold with a passing rent of $516,250 per annum, leased to Winning Appliances, trading as Rogerseller, until August next year.
Successfully obtained by Salta, the site has an approved permit for a seven-storey commercial office building designed by award-winning architect Gray Puksand.
"The high-profile development site is extremely well located in one of Melbourne's most in-demand city fringe precincts. The recent planning permit for a seven-storey commercial office building adds significant value, making it a highly attractive development offering," said Ben Baines, Colliers Director of Investment Services.
The asset was purchased by StorHub, a leading self-storage platform in Asia which has rapidly grown its footprint to 11 facilities in Australia. StorHub was represented by Damian Wisdom of HRB & Co. The group plans to leverage the high socio-economic location for high-density self-storage development, according to StorHub Australia CEO, Simon DeGaris.
“Since launching in Australia with five seed assets early this year, our objective has been to rapidly grow our footprint by acquiring well-located and strategic holdings like the Burnley site. By focusing on technology, user epxerience and service, we can deliver modern, secure and reliable storage facilities to meet the diverse needs of households and small and medium-sized enterprises.
"The site represents a prime opportunity for us, with its proximity to the Melbourne CBD and its well-connected location in Richmond making it ideal for our development plans," Mr DeGaris added.
The sale was managed by Colliers agents Ben Baines, Rob Joyes, and Alex Browne, who received strong interest for the asset through an off-market sales process.
"The site attracted lots of from self-storage developers looking to capitalise on the dense surrounding residential catchment, commercial developers seeking city fringe offerings and retail owner occupiers that appreciated the significant passing traffic," said Mr Baines.
"We continue to witness strong demand from self-storage developers, with this site being the third transaction to self-storage developers in as many months," Mr Baines added.
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