$4 million expected for rare river frontage site in Hawthorn
A property on the Yarra River in Melbourne's Hawthorn is on the market with expectations higher than $4 million according to agents Teska Carson.
The property, 96 – 98 Morang Road, comprises a two level commercial office building (nonconforming use rights) with four separate tenancy areas over 870 square metres, and two separate car parking areas providing for 19 car spaces on a generous 1180 square metre site zoned Residential 3 (R3Z).
It will be auctioned Thursday, 20 October on site.
Teska Carson’s Tom Maule said the property is currently leased to three separate tenants with a current income of $150,600 per annum with a potential fully leased income would be circa $185,000-$200,000 per annum.