im - 165 fitzroy street, st kilda
DESCRIPTION
IM - 165 Fitzroy Street, St KildaTRANSCRIPT
165 fitzroy streetST KILDA
PRIME DEVELOPMENT OPPORTUNITY IN LANDMARK LOCATION
Strategically located less than 5km fromMelbourne CBD,opposite Albert Park’s lakeside recreationalgrounds & metresfrom the St Kildaforeshore, 165 Fitzroy Streetrepresents a development
opportunity unlike any other.
920M TO BEACH
ETIHAD STADIUM
ST KILDA ROAD
ARTS PRECINCT
ROYAL BOTANICAL GARDENS
FAWKNER PARK
ALBERT PARK
MELBOURNE CBD
QUEENS ROAD
165 fitzroy streetST KILDA
920M TO BEACH
Level 2, 108 Toorak Road South Yarra | Telephone: (03) 9827 1177 | www.castrangilbert.com.au Page 4
165 fitzroy streetST KILDA
Page 5
Table of ContentsIntroduction 7
Key Features 8
Property Description 12
Title Details 13
Zoning 13
Land Area 13
Tenancy Details 14
Location 19
Market Analysis 20
Terms of Sale 22
Appendix A Certificate of Title
Appendix B Floor Plans
Appendix C Leasing Schedule
Appendix D Land Survey
Appendix E Concept Study
Level 2, 108 Toorak Road South Yarra | Telephone: (03) 9827 1177 | www.castrangilbert.com.au Page 6
165 fitzroy streetST KILDA
FITZ
RO
Y ST
REE
T
PRINCES STREET
Level 2, 108 Toorak Road South Yarra | Telephone: (03) 9827 1177 | www.castrangilbert.com.au Page 7
165 fitzroy streetST KILDA
Introduction
Castran Gilbert is pleased to present this unique opportunity to acquire a landmark property in Melbourne’s most celebrated lifestyle destination.
Offering extraordinary development potential and a multitude of opportunities, 165 Fitzroy Street is proudly positioned on St Kilda’s most iconic boulevard that is home to some of Melbourne’s best dining and lifestyle attractions. Fronting Albert Park lake and located only metres from the beach, this superb property is the perfect candidate for residential development (STCA).
The property currently comprises a 4-level building that houses a restaurant, retail shop and the offices of oOh! media and Spinach Advertising. It provides a secure undercover carpark on the Ground Level and large open-air carpark on Level One accessible via a ramp and ROW.
Rarely does such a premium opportunity present itself to the market. Secure a prime investment with solid returns or choose to develop St Kilda’s next residential masterpiece - the possibilities are endless.
Page 8
Key Features
Page 9
• PrimeNortherlyaspectwithsweeping,uninterruptedvistastowards Albert Park lake and the CBD that will never be built out.
• Highlysought-afterlocationclosetoAlbertPark,StKildaBeach, NepeanHighway,StKildaRoadofficesandtheCBD.
• Exceptionalpublictransportlinks-tramsatthedoorstepandbuses in the immediate vicinity.
• Idealsizeanddimensionsforresidentialdevelopment-seeattached Concept Study by Artisan Architects & SJB Architects. Refer to Appendix E.
Level 2, 108 Toorak Road South Yarra | Telephone: (03) 9827 1177 | www.castrangilbert.com.au Page 10
165 fitzroy streetST KILDA
Level 2, 108 Toorak Road South Yarra | Telephone: (03) 9827 1177 | www.castrangilbert.com.au Page 11
165 fitzroy streetST KILDA
Level 2, 108 Toorak Road South Yarra | Telephone: (03) 9827 1177 | www.castrangilbert.com.au Page 12
165 fitzroy streetST KILDA
PropertyDescription
The site is approximately 1,488m2 in area, fronts Fitzroy Street and has an abuttal to Little Grey Street to the south. The current building is a four storey office and restaurant building fronting Fitzroy Street with a surfaced car park behind (accessed directly from Little Grey Street) and a small basement carpark accessed via a ramp from Little Grey Street,
It is currently leased at a gross rental of $707,069 per annum plus GST . There is a demolition clause in place, should you wish to develop earlier. Please refer to tenancy details on Page 14 and leasing schedule attached as Appendix C.
Level 2, 108 Toorak Road South Yarra | Telephone: (03) 9827 1177 | www.castrangilbert.com.au Page 13
165 fitzroy streetST KILDA
Title DetailsTitle Reference VOLUME: 09929 FOLIO: 830 Refer to Appendix A
ZoningIn accordance with the City of Port Phillip Planning Scheme, the property is located within a Business 1 Zone (B1Z).
Land AreaDescription Dimensions (approx.) FitzroyStreet(Northernboundary) 18.29m Western boundary 81.37m Southern boundary 18.29m Eastern boundary 81.37m TOTAL SITE AREA 1488m2
Refer to Appendix A & B
Energy Rating4StarNABERSEnergyRating
Level 2, 108 Toorak Road South Yarra | Telephone: (03) 9827 1177 | www.castrangilbert.com.au Page 14
165 fitzroy streetST KILDA
Tenancy DetailsA copy of the leasing schedule is attached as Appendix C.
Shop 1, 165 Fitzroy Street
Lessee: De La Jekyll Pty Ltd - Delahyde
Building Area: 70m2
Lease Term: Currently monthly tenancy
Commencement: 01/06/2009
Term/Options: One (1) further term of four (4) years
Current Income: $29,547.36 per annum (excl. GST)
Car Parking: One (1) car space
See Appendix C for Demolition Clause
Shop 2, 165 Fitzroy Street
Lessee: Mahjong Restaurant
Building Area: 350m2
Commencement: 01/07/2012
Lease Expiry: 30/06/2017
Term/Options: One (1) further term of five (5) years
Current Income: $145,998.36 per annum (excl. GST)
Car Parking: Five (5) car spaces
See Appendix C for Demolition Clause
Level 2, 108 Toorak Road South Yarra | Telephone: (03) 9827 1177 | www.castrangilbert.com.au Page 15
165 fitzroy streetST KILDA
1st Floor, 165 Fitzroy Street
Lessee: oOh! Media Pty Ltd
Building Area: 578m2
Commencement: 01/10/2012
Lease Expiry: 30/09/2017
Term/Options: One (1)further term of five (5) years
Current Income: $174,720 per annum (excl. GST)
Car Parking: Ten (10) car spaces
See Appendix C for Demolition Clause
2nd Floor, 165 Fitzroy Street
Lessee: Spinach Advertising
Building Area: 573m2
Commencement: 17/02/2011
Lease Expiry: 16/02/2016
Term/Options: Nil
Current Income: $164,403.24 per annum (excl. GST)
Car Parking: Ten (10) car spaces
3rd Floor, 165 Fitzroy Street
Lessee: oOh! Media Pty Ltd
Building Area: 527m2 (excl. balcony)
Commencement: 16/06/2007
Lease Expiry: 30/09/2017
Term/Options: One (1) further term of five (5) years
Current Income: $192,400.08 per annum (excl. GST)
CarParking: Nine(9)carspaces
See Appendix C for Demolition Clause
Level 2, 108 Toorak Road South Yarra | Telephone: (03) 9827 1177 | www.castrangilbert.com.au Page 16
165 fitzroy streetST KILDA
Actual view from Level 3
oOh! media
Level 2, 108 Toorak Road South Yarra | Telephone: (03) 9827 1177 | www.castrangilbert.com.au Page 17
165 fitzroy streetST KILDA
Spinach Advertising
Open-air carpark (rear of building)
Level 2, 108 Toorak Road South Yarra | Telephone: (03) 9827 1177 | www.castrangilbert.com.au Page 18
165 fitzroy streetST KILDA
Level 2, 108 Toorak Road South Yarra | Telephone: (03) 9827 1177 | www.castrangilbert.com.au Page 19
165 fitzroy streetST KILDA
Location
165 Fitzroy Street situated in the vibrant Bayside suburb of St Kilda, less than 5 kilometres from Melbourne CBD and near the intersection of Fitzroy Street and Lakeside Drive/Princes Street. Nearbyattractionsandamenitiesinclude:
• Trams 3a & 16 at the door step
• Albert Park Lake and Golf Course
• Fitzroy Street restaurants and cafes
• St Kilda Beach
• St Kilda Sea Baths
• St Kilda Marina
• Melbourne Sports and Aquatic Centre
• Albert Park Cricket Ground
• Luna Park
• EsplanadeHotel
• Prince of Wales
• Junction Oval
• Acland Street shopping and dining precinct
Level 2, 108 Toorak Road South Yarra | Telephone: (03) 9827 1177 | www.castrangilbert.com.au Page 20
165 fitzroy streetST KILDA
Market Analysis
DEMOGRAPHICSSt Kilda comprises mainly of young adults and tertiary students due to its close proximity and easy access to tertiary education facilities, employment in the inner city and large amount of rental stock.
According to the 2011 census, a majority of St Kilda residents are in the 25-29 and 30-34 age categories; the median age being 33 years. Of all households, 40.2% were family households, 47.2% were single person households and 12.7% were group households. Top occupations include Professionals, Managers and Clerical/ Administrative Workers.
The increase in the number of families living in inner city suburbs that were previously deemed unacceptable for families – such as St Kilda and Fitzroy – is due to the improved safety of the area and the establishment of family-friendly infrastructure and amenities. St Kilda in particular has benefitted from urban residential development as the area is now considered a family-oriented lifestyle destination.
POPULATION GROWTHAccording to the Australian Bureau of Statistics, Melbourne is expected to grow at a rate of 2% per year and will be home to 8 million people by 2050. Victoria added 88,966 people to close the 2012-13 financial year with 5.624 million people, just under 25% of all Australians. The Bureau estimates that Melbourne has led the nation’s growth for the11thyearrunning.Naturalincreaseandnetoverseasmigration contributed 40% and 60% respectively to the nation’s total population growth for the year ending December 2012.
St Kilda itself experiences an average annual growth rate of 6.6%(ABSNationalCensus).Itisthelargestneighbourhoodin the City of Port Phillip with a population of approximately 21,418 in 2011.
Level 2, 108 Toorak Road South Yarra | Telephone: (03) 9827 1177 | www.castrangilbert.com.au Page 21
165 fitzroy streetST KILDA
HOUSING DEMANDHousingdemandintheinnercitycontinuestogrowexponentiallyasthepopulationexpands.Theincrease in the number of new dwellings within the inner city region can be attributed to the rising demand for affordable and convenient residential living solutions.
The planning process is becoming progressively easier for developers as all levels of government acknowledge the need to avoid a housing shortage and accommodation crisis through the construction of new dwellings. In other words, the combination of a fast growing population, inadequate supply and increasingly supportive government policies means there has been no better time than now to develop in the residential arena.
The trend estimate for total dwellings approved across the country rose 0.9% in July 2013 and has risen for five months. Michael Workman from the Commonwealth Bank of Australia points out that the actual number of residential building approvals jumped 10.8% in July - 28.3% higher than a year ago and well above market expecations of 4%. The rise was mainly driven by multi-unit dwellings which rose 24.4% to be 62.5% higher over the past year.
Supply and demand for properties in St Kilda (realestate.com.au):
300
200
100
0
Oct-12 Jan-13 Apr-13 Jul-13
10,000
7,500
5,000
2,500
0
Demand Supply
Level 2, 108 Toorak Road South Yarra | Telephone: (03) 9827 1177 | www.castrangilbert.com.au Page 22
165 fitzroy streetST KILDA
FOR SALE BY TENDERClosing on Tuesday 26th November, 2013 at 4pm, in the o�ce of Castran Gilbert Level 2, 102 - 108 Toorak Road, South Yarra.
Terms of SaleDeposit 10% of the sale price upon signing of the Contract of Sale
Balance 90 / 120 days
CONTACT
Paul Castran (CEO)
Email: [email protected]
Mobile: 0418 313 038
Phone: (03) 9827 1177
Fax: (03) 9827 3388
INSPECTION CAN BE CARRIED OUT BY APPOINTMENT.
APPENDICES
Level 2, 108 Toorak Road South Yarra | Telephone: (03) 9827 1177 | www.castrangilbert.com.au Page 24
165 fitzroy streetST KILDA
A. CERTIFICATE OF TITLE
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �Copyright State of Victoria. This publication is copyright.No part may be reproduced by any process except in accordance withthe provisions of the Copyright Act and for the purposes of Section32 of the Sale of Land Act 1962 or pursuant to a written agreement.The information is only valid at the time and in the form obtainedfrom the LANDATA REGD TM System. The State of Victoria accepts noresponsibility for any subsequent release, publication or reproductionof the information.
REGISTER SEARCH STATEMENT (Title Search) Transfer of Land Act 1958--------------------------------------------------------------------------------VOLUME 09929 FOLIO 830 Security no : 124045538268L
Produced 22/04/2013 09:08 amLAND DESCRIPTION----------------Land in Plan of Consolidation 171816V.PARENT TITLES :Volume 06312 Folio 322 Volume 09531 Folio 367Created by instrument CP171816V 01/02/1990
REGISTERED PROPRIETOR---------------------Estate Fee SimpleSole Proprietor
FITZROY DEVELOPMENTS (AUSTRALIA) PTY LTD of LEVEL 2, 959 BOURKE ROADCAMBERWELL, VICTORIA 3124AC414092V 20/10/2003
ENCUMBRANCES, CAVEATS AND NOTICES---------------------------------MORTGAGE AH488362G 10/09/2010
WESTPAC BANKING CORPORATION
COVENANT as to part 0402416
COVENANT as to part 0406442
Any encumbrances created by Section 98 Transfer of Land Act 1958 or Section24 Subdivision Act 1988 and any other encumbrances shown or entered on theplan or imaged folio set out under DIAGRAM LOCATION below.
DIAGRAM LOCATION----------------SEE TP457527U FOR FURTHER DETAILS AND BOUNDARIES
ACTIVITY IN THE LAST 125 DAYS-----------------------------
NIL
DOCUMENT END � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � ! " � � � � � # � � $ � � � � � � � � � � � � # � � � � �� � � � � � � � � � � � � % � & % � � ' � ( � � � ) � � � � * � � � � � ' � � & � � + ' , - � � � � � � � � � � � . ' / 0 � � � 1 � � � � � � � � � ( � � 2 � � � � ,
Level 2, 108 Toorak Road South Yarra | Telephone: (03) 9827 1177 | www.castrangilbert.com.au Page 25
165 fitzroy streetST KILDA
B. FLOOR PLANS
Foyer
Ram
p
UndergroundC
arpark320m
²
Shop 74m²
Restaurant362m
²O
ffice
FIRS
T FLOO
R
GR
OU
ND
FLOO
R
Office
Office S
pace
527m²
Office
Office
Office
Reception
Bath
Kitchen
Bar
VO
ID
SE
CO
ND
FLOO
RTH
IRD
FLOO
R
Office S
pace573m
²
Store
Reception
C
Kitchen
DW
Dn
Office S
pace578m
²
Balcony29m
²
LiftLift
Lift
Lift
Carpark
18.29m (A
pprox)
18.29m (A
pprox)
81.37m (Approx)
81.37m (Approx)
TrainingR
oomB
oardroom
Meeting
Room M
eetingR
oom
Meeting 1
Meeting 3
Meeting 2
Boardroom
Level 2, 108 Toorak Road South Yarra | Telephone: (03) 9827 1177 | www.castrangilbert.com.au Page 26
165 fitzroy streetST KILDA
C. LEASING SCHEDULE
Level 2, 108 Toorak Road South Yarra | Telephone: (03) 9827 1177 | www.castrangilbert.com.au Page 27
165 fitzroy streetST KILDA
D. LAND SURVEY
Level 2, 108 Toorak Road South Yarra | Telephone: (03) 9827 1177 | www.castrangilbert.com.au Page 28
165 fitzroy streetST KILDA
E. CONCEPT STUDY
•ARTISAN ARCHITECTS
•SJB ARCHITECTS
Artisan Architects Architect’s Statement The yield is 118 apartments / 108 car spaces / 650 M2 retail unit. The mix is 46 No. 2 bed apts / 72 No. 1 bed apts.
Co
ncept S
tudy
165 Fitzro
y Street
St K
ilda
October 2013
SJB
Architects
1.0
Site
1.1
Location Plan
1.2 Fitzroy Street
1.3 Aerial
2.0
Streetscap
e
3.0
Architects S
tatement
4.0
Desig
n Pro
po
sal
Co
ntents
2
SJB
Architects
SJB
Architects
SJB
are architects, interior designers, planners and urban designers w
ho share a vision for the built environment.
With over 30 years experience and operating in both M
elbourne and S
ydney, SJB
approach design and managem
ent in a holistic w
ay, striving for excellence and relevance on each project.
The broad body of work undertaken by S
JB dem
onstrates strong leadership, team
-based solutions and experience in projects that range from
large scale urban developments to
residential comm
issions.
4
1.0 Site
SJB
Architects
1.1 Location Plan
5 S
JB A
rchitects
1.0 Site
1.2 Fiztroy Street
6
2.0 Streetscape
SJB
Architects
7 S
JB A
rchitects
8
3.0 Architects S
tatement
9
4.0 Design P
roposal
SJB
Architects
165 Fitzroy Street, S
t Kilda
.
10 S
JB A
rchitects
165 Fitzroy Street, S
t Kilda
.
4.0 Design P
roposal
Disclaim
er:
This study has been prepared by SJB
Architects to describe the highest and best use for the subject site, to date no discussions have occurred w
ith the R
elevant Authority or any independent Tow
n Planning C
onsultant in relation to this scheme.
We recom
mend that the proposal is ratified through discussion w
ith a town planning.consultant prior to any decision being m
ade based on this study.
SJB
Architects
25 Coventry S
treetS
outhbank, VIC
3006T: 03 9699 6688F: 03 9696 6234
.ausjb.com
.au
Co
ntact Details
11
Level 2, 108 Toorak Road South Yarra | Telephone: (03) 9827 1177 | www.castrangilbert.com.au Page 29
165 fitzroy streetST KILDA
DisclaimerThis property report has been prepared by Castran Gilbert (Aust.) Pty. Ltd. solely for information of the potential purchaser to assist them in deciding whether they are sufficiently interested in the property offered for sale to proceed with further investigation of the property. The information does not constitute all or any part of an offer or Contract of Sale and is intended as a guide only.
The information contained in this report has been provided with good faith and with due care by Castran Gilbert (Aust.) Pty. Ltd. Potential purchasers should take note, however, that any calculations contained in the report are based on figures provided by Castran Gilbert (Aust.) Pty. Ltd. by outside sources and have not been independently verified by Castran Gilbert (Aust.) Pty. Ltd.
All price estimates and income quoted are inclusive of the goods and Services Tax unless otherwise stated.
No liability for negligence or otherwise is assumed by Castran Gilbert (Aust.) Pty. Ltd. for the material contained in this report. (Any liability on the part of Castran Gilbert (Aust.) Pty. Ltd., its servants or agents for damages for any claim arising out of or in connection with this report, other than liability which is totally excluded by this clause, shall not (whether or not such liability results from or involves negligence) exceed $1,000.)
This report is provided to the recipient on a confidential basis and is not to be re-supplied to any other person without prior written consent of Castran Gilbert (Aust.) Pty. Ltd.
To the extent that any of the above paragraphs may be construed as being contravention of any law of the State of Commonwealth, such paragraphs shall not be read down or severed or both, as the case may require. Paragraphs shall continue to have full force and effect.