262-266 Inkerman Street, St Kilda

I N F O R M AT I O N MEMORANDUM

262-266 Inkerman Street, St Kilda East For Sale by Public Auction Under Instruction from Executors

Contents

2

03

Introduction

04

Executive Summary

06

Location

10

Property Particulars

12

Tenancy Details

14

Project Development Summary

16

Method of Sale

17

Appendix

Introduction Aston Commercial and DBRE Property are excited to offer 262-266 Inkerman Street, St Kilda East for sale

by Public Auction.

Offered for the first time in over 50 years this truly is a rare offering. The prime corner allotment of 358sqm* is in the heart of the tightly held St Kilda East precinct, a prime city fringe suburb just 8 kilometres from the CBD. The property is securely leased to long standing tenants, Zanini Pizzeria and New Inkerman Drycleaners providing security of income.

A flexible property that is ideal for either the Passive Investor seeking consistent solid returns or the Entrepreneurial Investor that can unlock the future development upside.

With a Commercial 1 Zoning there is scope to explore multiple project options (some subject to Council Approval) in the future, whilst receiving regular rental income from the well-established tenants.

Cashflow Today, Develop Tomorrow 3

Executive Summary DESCRIPTION PROPERTY ADDRESS 262-266 Inkerman Street, St Kilda East

First time offered in over 50 years, the property has always generated rental income allowing the potential today for further growth. Furthermore, given the strength of recent mixeduse developments within the area, the property also has the potential for multiple project options, some subject to Council approvals.

LAND AREA: 358sqm*

TOTAL RENTAL (LEASES)

BUILDING AREA: 236sqm*

$81,423 per annum*

LOCATION

ZONE

ZONING Commercial 1

Situated on the north west corner of Inkerman Street and Leslie Street, the property benefits from prime corner exposure in the tightly held St Kilda East precinct.

METHOD OF SALE

TERMS OF SALE

Auction Thursday 25th February 2021 at 12 noon on-site

10% Deposit Balance 60 days

*approx.

James Davie 0412 209 696 james@dbreproperty.com.au

David Bancroft 0418 318 747 david@dbreproperty.com.au

Jeremy Gruzewski 0422 211 021 jeremy@astoncommercial.com.au

Fred Nucara 0418 567 560 fred@astoncommercial.com.au

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Location St Kilda East is a suburb of Melbourne, Victoria, Australia, 6km south-east from Melbourne’s Central Business District. It is located within the local government areas of the City of Glen Eira and the City of Port Phillip. At the 2016 Census, St Kilda East had a population of 13,101.

St Kilda East is one of the more diverse and densely populated suburbs of Melbourne. Quiet and residential, it is quite different from the adjacent suburb of St Kilda. However, the area around Carlisle Street is very diverse with a strong arts, alternative and indie community.

SUBURB PROFILE: BUY Median House Price

$ 1,530,000*

Median Unit Price

$ 591,000*

RENT

UpDog Yoga

Median House Price

$ 700 pw*

Median Unit Price

$ 410 pw*

*REIV

Coles

Subject Property F45 Training Inkerman Medical Group

Inkerman

Hewison Reserve

Street

Hotham

Street

Inkerman Hotel

7-Eleven

Carlisle S

treet

7

Some nearby businesses and infrastructure include:

8

Coles

Alma Park

Balaclava Train Station

Chemist Warehouse

Hewison Reserve

Tram network

7-Eleven

St Kilda Botanical Gardens

Cross-Fit Balaclava

Inkerman Hotel

St Kilda Primary School

F45 Training

Glass Merchants Cafe

Melbourne Grammar

Salt Pilates Studio

Grill’d

Little Patch ELC

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Property Particulars TITLE PARTICULARS 262-266 Inkerman Street, St Kilda East Volume: 0440 Folio: 982 Lot 1 on Title Plan 687297A

LAND DIMENSIONS AND AREA Inkerman Street Frontage: Leslie Street Frontage: Western Boundary: Rear Boundary:

15 metres* 21 metres* 20 metres* 17 metres*

Total Land Area:

358 square metres*

TENANCY 262-264 Inkerman St, St Kilda East (Zanini Pizzeria):

167.54 sqm*

266 Inkerman St, St Kilda East (New Inkerman Drycleaners):

68.31 sqm*

Total Building Area:

235.85 square metres*

*approx.

ZONING Under the city of Port Phillip Planning Scheme the zoning of the land is Commercial 1 – (C1Z).

This zoning encourages a variety of commercial, retail, residential and other specialist uses, some of which require statutory approvals.

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3 5 8 s q m*

2 1 m*

2 0 m*

1 7 m*

1 5 m*

11

Tenancy Details The property is being sold subject to a lease summarised as follows:

ZANINI PIZZERIA Tenant:

Gemma St Kilda Pty Ltd

Current Rent:

$54,099 pa

Lease Commencement:

2011

Current Term:

Three (3) years expiring February 2024

Options:

3+ 3 years

Reviews:

CPI annually and Market review at option renewal

NEW INKERMAN DRYCLEANERS Tenant:

New Inkerman Dry Cleaners Pty Ltd

Current Rent:

$27,324 pa

Lease Commencement:

2013

Current Term:

Three (3) years expiring June 2022

Options:

Nil

Reviews:

CPI annually

Due to Covid-19 annual increases for 2020 have been waived.

The total rental income under the current Leases is a $81,423 per annum plus outgoings and gst. There is scope for strong rental growth for the passive investor looking to hold and obtain a consistent investment return better than other alternative investments.

A full copy of the leases can be provided upon request.

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TENANT OVERVIEW Zanini Pizzeria: 262-264 Inkerman Street, St Kilda East Zanini has been offering authentic Italian food since 2002.

Relax in their warm and rustic atmosphere, while enjoying fresh and truly Italian food. At Zanini you can choose from a broad selection of wood fired pizza and mains, including delicious home-made pasta and risotto al dente.

Allow yourself to enjoy the inimitable flavour of Italian food and staff: having dinner at Zanini is like travelling around Italy, from the Alps to Sicily, passing through the Tuscan hillside and Rome.

Each meal is made respecting the old Italian tradition. Enjoy the established quality of Zanini Pizzeria at your doorstep or order online today and pick up your takeaway from Inkerman Street in St Kilda East.

Find out more - zaninipizzeria.com.au

TENANT OVERVIEW New Inkerman Drycleaners: 266 Inkerman Street, St Kilda East A local dry cleaning institution that has served the St Kilda East community and surrounds for many years. In fact, the building has been utilised as a dry cleaning business for over 30 years and today the tradition continues. The corner location allows ease of access for drop-off and collection to the many loyal customers.

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Potential Development The property benefits from existing rental income and also the scope to develop further, subject to Council Approvals.

There is undeveloped land at the rear and easy access from Leslie Street. The Commercial 1 Zoning allows a multitude of higher density projects in the future provided Council Approval can be obtained.

Some of these may include:

Ground level retail and upper level residential

Multi-Level Retail and Office

Medical and Health

14

Future Development Potential (STCA)

15

Method of Sale

METHOD OF SALE

TERMS OF SALE

Auction Thursday 25th February 2021 at 12 noon on-site

10% Deposit Balance 60 days

INSPECTIONS

CONTRACT OF SALE & VENDOR STATEMENT

By appointment only

Available on request

Exclusive Selling Agents:

James Davie 0412 209 696 james@dbreproperty.com.au

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David Bancroft 0418 318 747 david@dbreproperty.com.au

Jeremy Gruzewski 0422 211 021 jeremy@astoncommercial.com.au

Fred Nucara 0418 567 560 fred@astoncommercial.com.au

Appendix - Title Plan

17

DISCLAIMER This document has been prepared by Aston Commercial Pty Ltd and DBRE Property Pty Ltd for advertising and general information only. Aston Commercial Pty Ltd and DBRE Property Pty Ltd do not guarantee, warrant or represent that the information contained in this document is correct. Any interested party should undertake their own enquiries as to the accuracy of the information. Aston Commercial Pty Ltd and DBRE Property Pty Ltd excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damage arising therefrom. *Approximate