IM - 165 Fitzroy Street, St Kilda by CastranGilbert

165 fitzroy street

ST KILDA

PRIME DEVELOPMENT OPPORTUNITY IN LANDMARK LOCATION

ETIHAD STADIUM

Strategically located less than 5km from Melbourne CBD, opposite Albert Parkâ&#x20AC;&#x2122;s lakeside recreational grounds & metres from the St Kilda foreshore, 165 Fitzroy Street represents a development opportunity unlike any other.

920M TO B

MELBOURNE CBD

ARTS PRECINCT ROYAL BOTANICAL GARDENS

FAWKNER PARK

QUEENS ROAD

ALBERT PARK

ST KILDA ROAD

BEACH

165 fitzroy street

ST KILDA

165 fitzroy street ST KILDA

Level 2, 108 Toorak Road South Yarra | Telephone: (03) 9827 1177 | www.castrangilbert.com.au

Page 4

Table of Contents Introduction 7 Key Features

Property Description

Title Details

Zoning 13 Land Area

Tenancy Details

Location 19 Market Analysis

Terms of Sale

Appendix A

Certificate of Title

Appendix B

Floor Plans

Appendix C

Leasing Schedule

Appendix D

Land Survey

Appendix E

Concept Study

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fitzroy street ST KILDA

FITZRO Y STRE ET

PRINCES ST R165 EET

Level 2, 108 Toorak Road South Yarra | Telephone: (03) 9827 1177 | www.castrangilbert.com.au

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165 fitzroy street ST 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.

Level 2, 108 Toorak Road South Yarra | Telephone: (03) 9827 1177 | www.castrangilbert.com.au

Page 7

Key Features Page 8

• Prime Northerly aspect with sweeping, uninterrupted vistas towards Albert Park lake and the CBD that will never be built out. • Highly sought-after location close to Albert Park, St Kilda Beach, Nepean Highway, St Kilda Road offices and the CBD. • Exceptional public transport links - trams at the door step and buses in the immediate vicinity. • Ideal size and dimensions for residential development - see attached Concept Study by Artisan Architects & SJB Architects. Refer to Appendix E.

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165 fitzroy street ST KILDA

Level 2, 108 Toorak Road South Yarra | Telephone: (03) 9827 1177 | www.castrangilbert.com.au

Page 10

165 fitzroy street ST KILDA

Level 2, 108 Toorak Road South Yarra | Telephone: (03) 9827 1177 | www.castrangilbert.com.au

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165 fitzroy street ST KILDA

Property Description 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

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165 fitzroy street ST KILDA

Title Details Title Reference Refer to Appendix A

VOLUME:

09929

FOLIO:

830

Zoning In accordance with the City of Port Phillip Planning Scheme, the property is located within a Business 1 Zone (B1Z).

Land Area Description Dimensions (approx.) Fitzroy Street (Northern boundary) 18.29m Western boundary 81.37m Southern boundary 18.29m Eastern boundary 81.37m TOTAL SITE AREA 1488m2 Refer to Appendix A & B

Energy Rating 4 Star NABERS Energy Rating

Level 2, 108 Toorak Road South Yarra | Telephone: (03) 9827 1177 | www.castrangilbert.com.au

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165 fitzroy street ST KILDA

Tenancy Details A 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 14

165 fitzroy street ST 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)

Car Parking:

Nine (9) car spaces

See Appendix C for Demolition Clause

Level 2, 108 Toorak Road South Yarra | Telephone: (03) 9827 1177 | www.castrangilbert.com.au

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165 fitzroy street ST KILDA

oOh! media

Actual view from Level 3

Level 2, 108 Toorak Road South Yarra | Telephone: (03) 9827 1177 | www.castrangilbert.com.au

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165 fitzroy street ST KILDA

Spinach Advertising

Open-air carpark (rear of building)

Level 2, 108 Toorak Road South Yarra | Telephone: (03) 9827 1177 | www.castrangilbert.com.au

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165 fitzroy street ST KILDA

Level 2, 108 Toorak Road South Yarra | Telephone: (03) 9827 1177 | www.castrangilbert.com.au

Page 18

165 fitzroy street ST 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. Nearby attractions and amenities include: • 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 • Esplanade Hotel • 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

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165 fitzroy street ST KILDA

Market Analysis POPULATION GROWTH According 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 the 11th year running. Natural increase and net overseas migration 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% (ABS National Census). It is the largest neighbourhood in the City of Port Phillip with a population of approximately 21,418 in 2011.

DEMOGRAPHICS St 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.

Level 2, 108 Toorak Road South Yarra | Telephone: (03) 9827 1177 | www.castrangilbert.com.au

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165 fitzroy street ST KILDA

HOUSING DEMAND Housing demand in the inner city continues to grow exponentially as the population expands. The increase 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

Demand

Supply

10,000

7,500 200 5,000 100 2,500 0

0 Oct-12

Jan-13

Apr-13

Level 2, 108 Toorak Road South Yarra | Telephone: (03) 9827 1177 | www.castrangilbert.com.au

Jul-13

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165 fitzroy street ST KILDA

FOR SALE BY TENDER Closing on Tuesday 26th November, 2013 at 4pm, in the office of Castran Gilbert Level 2, 102 - 108 Toorak Road, South Yarra.

Terms of Sale Deposit

10% of the sale price upon signing of the Contract of Sale

Balance

90 / 120 days

CONTACT Paul Castran (CEO) Email: pcastran@castrangilbert.com.au Mobile: 0418 313 038 Phone: (03) 9827 1177 Fax: (03) 9827 3388

INSPECTION CAN BE CARRIED OUT BY APPOINTMENT.

Level 2, 108 Toorak Road South Yarra | Telephone: (03) 9827 1177 | www.castrangilbert.com.au

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APPENDICES

165 fitzroy street ST KILDA

CERTIFICATE OF TITLE

Level 2, 108 Toorak Road South Yarra | Telephone: (03) 9827 1177 | www.castrangilbert.com.au

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Copyright State of Victoria. This publication is copyright. No part may be reproduced by any process except in accordance with the provisions of the Copyright Act and for the purposes of Section 32 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 obtained from the LANDATA REGD TM System. The State of Victoria accepts no responsibility for any subsequent release, publication or reproduction of 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 am LAND DESCRIPTION ---------------Land in Plan of Consolidation 171816V. PARENT TITLES : Volume 06312 Folio 322 Volume 09531 Folio 367 Created by instrument CP171816V 01/02/1990 REGISTERED PROPRIETOR --------------------Estate Fee Simple Sole Proprietor FITZROY DEVELOPMENTS (AUSTRALIA) PTY LTD of LEVEL 2, 959 BOURKE ROAD CAMBERWELL, VICTORIA 3124 AC414092V 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 Section 24 Subdivision Act 1988 and any other encumbrances shown or entered on the plan 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

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165 fitzroy street ST KILDA

FLOOR PLANS

Level 2, 108 Toorak Road South Yarra | Telephone: (03) 9827 1177 | www.castrangilbert.com.au

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Ramp

Shop 74m²

Foyer

Restaurant 362m²

Underground Carpark 320m²

18.29m (Approx)

GROUND FLOOR

Lift

Carpark

Office Space 578m²

FIRST FLOOR

Lift Kitchen

Meeting 3

Meeting 2

Meeting 1

SECOND FLOOR

Office Space 573m²

Reception

Boardroom

Lift

Store

Training Room

527m²

Boardroom

Meeting Room

Lift

Office Space

Reception

Balcony 29m²

Bar

VOID

Bath

THIRD FLOOR

Office

Kitchen

18.29m (Approx)

81.37m (Approx)

165 fitzroy street ST KILDA

LEASING SCHEDULE

Level 2, 108 Toorak Road South Yarra | Telephone: (03) 9827 1177 | www.castrangilbert.com.au

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165 fitzroy street ST KILDA

LAND SURVEY

Level 2, 108 Toorak Road South Yarra | Telephone: (03) 9827 1177 | www.castrangilbert.com.au

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165 fitzroy street ST KILDA

CONCEPT STUDY • ARTISAN ARCHITECTS • SJB ARCHITECTS

Level 2, 108 Toorak Road South Yarra | Telephone: (03) 9827 1177 | www.castrangilbert.com.au

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Artisan Architects Architectâ&#x20AC;&#x2122;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.

SJB Architects

Concept Study 165 Fitzroy Street St Kilda October 2013

SJB Architects

3.0

2.0

1.1 1.2 1.3

1.0

Design Proposal

Architects Statement

Streetscape

Location Plan Fitzroy Street Aerial

Site

Contents

4.0

SJB Architects

SJB are architects, interior designers, planners and urban designers who share a vision for the built environment.

With over 30 years experience and operating in both Melbourne and Sydney, SJB approach design and management in a holistic way, striving for excellence and relevance on each project.

The broad body of work undertaken by SJB demonstrates strong leadership, team-based solutions and experience in projects that range from large scale urban developments to residential commissions.

1.0 Site 1.1 Location Plan

SJB Architects

1.0 Site 1.2 Fiztroy Street

SJB Architects

2.0 Streetscape

SJB Architects

3.0 Architects Statement

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                                     

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4.0 Design Proposal 165 Fitzroy Street, St Kilda.

SJB Architects

4.0 Design Proposal 165 Fitzroy Street, St Kilda.

Disclaimer: 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 with the Relevant Authority or any independent Town Planning Consultant in relation to this scheme. We recommend that the proposal is ratified through discussion with a town planning.consultant prior to any decision being made based on this study.

SJB Architects

Contact Details 25 Coventry Street Southbank, VIC 3006 T: 03 9699 6688 F: 03 9696 6234 architects@sjb.com.au sjb.com.au

165 fitzroy street ST KILDA

Disclaimer This 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.

Level 2, 108 Toorak Road South Yarra | Telephone: (03) 9827 1177 | www.castrangilbert.com.au

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