Iconic Brunswick Street Fitzroy properties for sale

Melbourne, 22 April 2015 - Four adjoining freehold buildings in Fitzroy are being offered to the market in a move that could mark the properties’ first change of hands in more than half a century.  

The properties, located at 382-394 Brunswick Street, are fully leased to prominent retailers including Hooked Seafood and Cider House, with a total net income of more than $400,000 annually.

CBRE’s Mark Wizel, Justin Dowers and Rorey James are managing the sale campaign.

Mr Wizel said early interest in the property had been strong, which was expected given the quality of the offering, upside potential and the rarity of being able to purchase such an iconic and significant piece of Fitzroy land.

“Brunswick Street is in a tightly-held and sought-after location that will appeal to both passive investors and developers,” Mr Wizel explained.

“The substantial land holding, rear access and the fact that the sitting tenants have no further options means an array of local developers are already doing their investigations to maximise the potential of the site.”

The most recent sale in the popular Brunswick Street strip was in November 2014, selling for $15 million, equivalent to almost $15,000 per square metre of land.

“The market is fully aware that opportunities on this side of Brunswick Street rarely come up, and with good levels of interest already received, we expect to fetch a price of $11 million plus, which is great value given the properties’ highly secure income together with genuine development potential,” Mr Wizel said.

Mr James added that investors had a lot of confidence in the stability and growth of Fitzroy, with the inner city suburb’s population expected to grow by 3.96% per annum over the next four years - more than double that of the greater Melbourne population growth.

The property is to be sold via international expression of interest closing next month on Friday 15th May at 1:00pm.