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FOR SALE
O C C U P Y
I N V E S T
D E V E L O P
52
bay
road
SANDRINGHAM
AN IRREPLACEABLE
B AYS I D E OPPORTUNIT Y WITH
O U T S TA N D I N G P OT E N T I A L
I N FO R M AT I O N M E M O R A N D U M
AUCTION
FRIDAY 27TH
MARCH 2015
AT 12.30PM
SANDRINGHAM
YACHT CLUB
BRIGHTON
HAMPTON
SANDRINGHAM
BEACH (200M*)
SAN
B
C
EA
H
A
RO
D
M
HA
G
N
I
DR Y
N
SA TIVIT
AC NTRE
CE
N
DRI
GH
AM
TR A
IN L
IN E
SANDRINGHAM TRAIN
STATION (200M*)
SANDRINGHAM
MEDIAN
HOUSE PRICE
52
bay road
SANDRINGHAM
B
$1.2 M
Y
A
R
A
O
D
Table of Content
1. Introduction
2. Executive Summary
3. Location
4. Sandringham – A Symbol of Excellence
5. Demand For Sandringham Office, Residential And Retail
6. Why Sandringham?
7. Property Particulars
8. Sale Details
9. Disclaimer
10. Appendix I
11. Appendix II
1. INTRODUCTION
CBRE and Gray Johnson are delighted to present for sale an exclusive freestanding investment with
major development potential (STCA) in a highly desired bayside retail precinct – 52 Bay Road,
Sandringham.
Located in one of Melbourne’s strongest performing bayside areas, this irreplaceable bayside
offering can be summarised by the following key attributes:
•
•
•
•
•
Extremely rare and prominent 730 sqm* Sandringham landholding
Genuine potential for a boutique mixed use development with highly valuable ground
floor retail component;
Surrounded by first class lifestyle attractions including Port Phillip Bay Beaches (200m*),
renowned golf courses (Royal Melbourne – 3.5km), major shopping centres (Southland
Shopping Centre – 3.8km) and the Sandringham Train Station (200m*);
Comprises existing two level improvements fully leased to 6 retail & office tenancies
including 11 car parks on title (with space to add additional 6-8 car parks);
Current holding income of $124,400 per annum.
2. EXECUTIVE SUMMARY
Property:
52 Bay Road, Sandringham VIC 3191
Description:
The property comprises a two (2) level freestanding building over a
regular-shaped land holding, with twelve (12) on site car parking spaces.
The site has major street frontage onto Bay Road & major future
development potential (stca) for a mixed use commercial & residential
building.
Location:
52 Bay Road is located in the popular bayside suburb of Sandringham,
alongside notable and affluent areas such as Hampton & Brighton. The City
of Bayside boasts some of Melbourne’s most exclusive areas as well as
some of Australia’s best residential property and lifestyle attractions. The
Sandringham Train Station is conveniently located just 300m from the
property.
Title Details:
Volume 04447 Folio 298
Land Area:
730 square metres*
Current Lettable Area:
522 square metres*
Passing Income:
$124,400 per annum* excl. GST
Car Parks:
11 (+5)^
Street Frontage:
18.3 metres*
Zoning:
Commercial 1 Zoning pursuant to the Bayside Planning Scheme
Method of Sale:
Public on-site Auction, Friday 27th March at 12.30pm
Contact Details:
For further information or to arrange a personal inspection please contact:
Paul Tzamalis
CBRE Melbourne
0433 880 110
Rorey James
CBRE Melbourne
0439 400 081
paul.tzamalis@cbre.com.au
rorey.james@cbre.com.au
Matt Hoath
Gray Johnson
0418 543 714
Rory White
Gray Johnson
0439 655 504
mhoath@grayjohnson.com.au
rwhite@grayjohnson.com.au
*approximately ^surplus land to add
3. LOCATION
52 Bay Road is situated in the popular bayside suburb of Sandringham, alongside notable and
affluent areas such as Hampton & Brighton. The City of Bayside boasts some of Melbourne’s most
exclusive areas as well as some of Australia’s best residential property and lifestyle attractions.
Sandringham is located some 16 kilometres* south east of the Melbourne CBD and its lifeblood
stems from the highly progressive Sandringham Activity Centre, which is underpinned by retail and
transport amenity. The suburb is now seeing the onset of new development, providing encouraging
options away from the traditional single lot dwellings which have reached an impressive median
price of $1,200,000 (as of February 2015).
Sandringham’s activity centre extends along Station Street, Melrose Street and the far west end of
Bay Road. The precinct combines a variety of national tenants including major banks as well as the
Coles supermarket, with a variety of boutique operators providing fashion, home wares, service
retail and eclectic café offerings.
The origin of the Sandringham Train Line, as the name suggests, begins and ends at the Sandringham
Train Station – only 200 metres away from the subject site. It services the precinct providing a
direct link to other inner bayside suburbs and the Melbourne CBD.
4. SANDRINGHAM - A SYMBOL OF EXCELLENCE
In the area surrounding the subject property there are key attractions which symbolise the
excellence of this suburb. 52 Bay Road is nestled in amongst some the icon landmarks of Bayside
which include:
Sandringham Yacht Club – Recent $10M upgrade
Situated on the foreshore of Port Phillip Bay,
the Sandringham Yacht Club (SYC) is
Melbourne’s premier sailing club, presenting
world class sporting and event facilities right
on the water’s edge.
It has a 340 berth floating marina, Boating
Academy, waterfront support services, newly
built club house and reciprocal rights with
yacht clubs worldwide, it lends itself to
experienced and beginner sailors.
The Royal Melbourne Golf Club – No.1 in Australia
Since opening in 1891, this course has
been home to many of the finest
national and international golfing
events.
It is Australia’s number 1 golf course.
5. DEMAND FOR SANDRINGHAM OFFICE, RESIDENTIAL AND RETAIL
Sandringham is fast becoming a sought after location for both owner occupiers and investors for
commercial and residential property. It continues to attract strong buyer and tenant interest due to
the longstanding cost barriers of entry to the tightly held suburb of Brighton, and is further
becoming a platform for new interest as pricing constraints grow in Hampton.
With prime position at the heart of Sandringham, it’s hard to turn a blind eye to this outstanding
property which categorically offers a buyer numerous options including:
-
OWNER OCCUPATION: Opportunity to take advantage of all or part of the existing building
and provide a commercial option to run the business close to home.
-
STRATA OFFICE: Transform the existing internal envelop, with a potential extension above,
into a collection of high-end suites. Investors and owner occupiers could fancy a premises
away from the traditional CBD option.
-
PASSIVE INVESTMENT: The former vendor has maintained 100% occupancy over the last 5
years. Investors benefit from lack of competing commercial opportunities and being able to
sustain a consistent income, with considerable rental uplift.
-
MIXED USE DEVELOPMENT: A flexible commercial 1 zone sets the fundamental grounding
for a future mixed use outcome. A solid median house price sets the base to deliver a highend, premium product with ground floor restaurant/café (STCA).
“52 BAY ROAD REPRESENTS THE ‘SOLUTION’ FOR A WIDE RANGE OF
BUYERS IN 2015. THE AREA IS PROVEN, THE OPPORTUNITY IS
FLEXIBLE AND THE FUTURE IS CERTAIN.” -CBRE
6. WHY SANDRINGHAM?
1. Annual Population Projection (2011-2018)
Sandringham: 2.62%
Hampton: 1.10%
Brighton: 1.18%
Greater Melbourne: 1.63%
Source: CBRE Research
Sandringham’s population growth is forecast to grow by more than double compared to Brighton
and Hampton.
2. Median House Price
Sandringham: $1,282,000
Greater Melbourne: $658,000
Source: REIV
3. Average Household Income
Sandringham: $95,472
Greater Melbourne: $69,316
Source: CBRE Research
7. PROPERTY PARTICULARS
SITE AREA & DIMENSIONS
The site area measures approximately 730 square metres* with site dimensions as follows:
Bay Road frontage:
Eastern Boundary:
Western Boundary:
Southern Boundary:
18.3 metres*
39.7 metres*
39.7 metres*
18.3 metres*
*All measurements approx.
Please refer to Appendix I for a copy of the title plan
ZONING PARTICULARS
The property is within a Commercial 1 Zone pursuant to the Bayside City Council Planning Scheme.
The Commercial 1 Zone promotes vibrant mixed use commercial centres for retail, office, business,
entertainment and community uses, as well as residential uses at densities complementary to the
role and scale of the commercial centre.
Further information is available from the following online resources:
• Bayside Planning Scheme: http://planningschemes.dpcd.vic.gov.au/schemes/bayside
IMPROVEMENTS & RENTAL INCOME
52 Bay Road consists of a 1990’s constructed commercial building with an approximate internal net
lettable area of 520 sqm* plus common areas and amenities. The structure consists of a steel deck
roof, solid brick frame and concrete slab floors. The ground floor and first floor are serviced by a
single stairwell through the core. Each tenancy currently has its own, independent A/C split system
units.
There are six (6) tenancies currently operating through the premises, including a Gym and Massage
Therapist. The property is also adequately serviced by 12 on site car parks.
Current net passing income is approximately $124,401 per annum.
Please refer to Appendix II for a full
Tenancy Schedule
8. SALE DETAILS
52 Bay Road, Sandringham is for sale by way of Public On-Site Auction Friday 27th March 2014 at
12:30pm.
The terms of sale are a 10% deposit of the purchase price upon signing of the Contract of Sale, with
the balance being payable within 60/90 days.
The following information is available upon request:
-
Floor Plans
Concept Development Plans by:
-
Contract of Sale
Vendors Statement
All information & inspection requests are to be directed to the exclusive sales and marketing agents
below:
Paul Tzamalis
CBRE Melbourne
0433 880 110
Rorey James
CBRE Melbourne
0439 400 081
paul.tzamalis@cbre.com.au
rorey.james@cbre.com.au
Matt Hoath
Gray Johnson
0418 543 714
Rory White
Gray Johnson
0439 655 504
mhoath@grayjohnson.com.au
rwhite@grayjohnson.com.au
9. DISCLAIMER
This Information Memorandum has been prepared by CBRE (V) Pty Ltd (ABN 15 083 694 357) & Gray
Johnson (Melbourne) P/L ABN 85 105 127 142. This document does not constitute an offer or
contract of sale. It is intended only as a guide and an aid to further investigation by potential
investors. Potential investors accept this document on the condition that they will make their own
enquiries and obtain their own independent advice in order to verify the accuracy of the information
presented in this document. The content of this document has been derived, in part, from sources
other than CBRE & Gray Johnson and may be based on assumptions. In passing this information on,
CBRE, Gray Johnson and the Vendor do not warrant that such information or assumptions are
accurate or correct. Parties should seek their own independent verifications and advice on such
information.
To the extent that this document includes any statement as to a future matter, that statement is
provided as an estimate and/or opinion based upon the information known to CBRE & Gray Johnson
at the date of preparing this document and assumptions which may be correct. CBRE & Gray Johsn
do not warrant that such statements are or will be accurate or correct.
CBRE & Gray Johnson provide this document on the condition that, subject to any statutory
limitation on its ability to do so, CBRE & Gray Johsnon disclaims liability under any cause of action
including negligence for any loss arising from reliance upon this document.
This confidential document is for the sole use of persons directly provided with it by CBRE & Gray
Johnson and is not to be supplied to any other person without the prior written consent of CBRE &
Gray Johnson. Use by, or reliance upon this document by any other person is not authorised by CBRE
& Gray Johnson and without limitation to the above disclaimers, CBRE & Gray Johson are not liable
for any loss arising from such unauthorised use or reliance.
10.
APPENDIX I
11.
APPENDIX II
I R R E P L AC E A B L E B AYS I D E O P P O R T U N I T Y - 1 8 0 ° B AY V I E W S
73
SQ 0
M*
BOUNDARY
INDICATIVE ONLY
BAY
RO
AD
REGULAR SHAPED DEVELOPMENT FOOTPRINT
RECENTLY OPENED $10M SANDRINGHAM YACHT CLUB
SURROUNDED BY PREMIUM LIFESTYLE AMENITY
PRISTINE BAYSIDE ENVIRONMENT
F O R S A L E B Y P U B L I C A U C T I O N F R I DAY 2 7 T H M A R C H 2 0 1 5 AT 1 2 . 3 0 P M
MATT HOATH
PAUL TZAMALIS
0418 543 714
mhoath@grayjohnson.com.au
0433 880 110
paul.tzamalis@cbre.com.au
RORY WHITE
ROREY JAMES
0439 655 504
rwhite@grayjohnson.com.au
0439 400 081
rorey.james@cbre.com.au