Dover St

Location
The property is located within the premium city fringe suburb of Cremorne, approximately 3km south-east of the Melbourne CBD. It has frontage to Dover Street. The property benefits from proximity to the Church Street and Swan Street retail strips nearby providing an eclectic mix of restaurants, cafes and shopping. Recreation reserves and facilities in proximity include the MCG, Gosch’s Paddock, Royal Botanic Gardens. The property is also surrounded by various high quality Private and Public Educational Institutions. Public transport servicing the property is well established. Multiple tram stops and train stations are located within walking distance and an abundance of on street and private parking options are available in the surrounding roadways.

Development
The existing improvements erected upon the property are 10 variously sized 3-level warehouse offices, ranging from 100m2 to 160m2 with a combined Net Leasable Area (NLA) of approximately 1,070m2 excluding car spaces. The borrower plans to conduct renovation and repositioning of these offices to target owner-occupiers. Each unit within the completed building will be strata-title. Each lot will be provided with terrace space and four units facing Dover Street will benefit from CBD views. All the office units will have access to a private garage via a shared driveway over the land parcels’ footprint of approximately 650m2. No planning permit is required to carry out the refurbishment works which are expected to take approximately eight weeks to complete with a full launch of marketing and sales campaign upon completion.

Purpose
To assist with the refurbishment works and allow for 10-month selling period.

Exit Strategy
The primary exit will be via the sale of the completed strata units.