Webb Street Fitzroy property sold for $6.6 million

A Webb Street Fitzroy property has sold for $6.6 million at Teska Carson auction.

A Melbourne developer is looking for approval for a multi-storey project at 93-97 Webb Street.

The property is on a 989 square metre site, zoned Commercial 1, has frontages of 23 metres to Webb Street, 13 metres to Charles Street and a third access via a right of way on the eastern boundary.

The property, includes a 900 square metre brick warehouse and office and was sold subject to a short term lease-back, expiring February 2018, at a rental of $150,000 per annum plus GST.

According to marketing agents, Teska Carson’s Tom Maule and Matthew Feld, who sold the property in conjunction with Nelson Alexander’s Peter Smyth and Simon Verduci, the auction drew a large crowd with five bidders vying for the development opportunity.

Tom Maule said the boutique apartment market has very much matured in recent times with the emphasis now on satisfying a growing owner-occupier predilection for quality two and three bedroom apartments within relatively close proximity of their existing homes.

"This allows downsizers, in particular, to take advantage of a potentially financially attractive move, including off-the-plan stamp duty savings, to a familiar area, and often closer to essential amenities such as shopping and transport,’’ he said. 

Mr Feld said developers were now also providing prospective apartment purchasers with the opportunity to influence the layout and design of apartments.

"These are apartments that are purchased by people who will actually live in them and, for most of those people, over a long period of time, and so it stands to reason that they wish to influence the end product as much as is possible and that may even extend to landscaping and external finishes,’’ he said.