Victoria Rd site listed for first time in nearly three decades
A 1,900sqm development site that last changed hands almost three decades ago has emerged as the next significant mixed-use project to reinvent Inner-West’s Rozelle, which is attracting investor enquiry on the back of surrounding infrastructure additions.
With 30 metres of frontage to Victoria Road, the site could add to a regeneration program for the suburb which were kickstarted by redevelopment plans for the former Balmain Leagues Club, 200m away.
The site is approximately 500m north of the WestConnex redevelopment of the City West-link and the earmarked location of the Metro-West link train station, linking Parramatta to the CBD. The Western Harbour tunnel, linking Rozelle to the Warringah Freeway - by-passing the city - will also run nearby to the site.
All these major government infrastructure projects combine to dramatically enhance the ac-cessibility and future appeal of Rozelle, according to listing agents Tim Morrison
, Director of LJ Hooker Commercial Inner West
and Jon Buckman from CMF Real Estate.
The owners purchased the building for their own highly successful shoe retailing business in 1992 but retired a decade ago and moved away from Sydney. Partially based on their own success at the site, they immediately found a long term tenant who only recently vacated, prompting the decision to sell the property.
Mr Morrison said: “The approval of the Tigers’ site by Inner West Council has now shone a spotlight on what could be achieved at 104-108 Victoria Road.
“The site has three frontages, including Victoria Road which carries 70,000 passing vehicles a day, making it one of the busiest arterials in Sydney and Australia.
“It is vastly underdeveloped at present based on current planning regulations and could bene-fit from a significant redevelopment.”
Mr Morrison said the local planning controls suggest up to 2,800sqm metres of development could be accommodated on the site.
Mr Morrison said there was also the opportunity for an investor to purchase the site. The ex-isting building has a net lettable area on the ground and first floors of approx. 971sqm. It also has D.A approval for the lower ground floor of circa 580sqm to be used as retail space.
The site carries 37 car parks and the remaining tenant has seven years remaining on its lease. An 18-month demolition cause is established over the site. When fully tenanted, the marketing agent suggests a net income exceeding $750,000 per year could be achieved.
Expressions of Interest close 4pm Wednesday November 20.
For more information on the Victoria Road site, contact Tim Morrison
on 0416 204 848 or Jon Buckman on 0413 969 711.
For media information:
PR & Communications Consultant
LJ Hooker Commercial
M: 0427 916 020