One of the more interesting properties on the market this week is 545 St Kilda Road in Melbourne. Interesting, because all 25 owners have come to an agreement to band together to sell the block of units as a whole.
Formerly known as Sylvan, the building was built in the 1930’s and comprises a total of 25 units with one three-bedroom residential unit on level 2 and 24 units used as office/medical suites of three to five rooms. There are ten single garages on the rear boundary.
Although only three storeys the block of units sits on a site area of 2,864 sqm, room enough apparently for a residential development worth at least $30 million. It has dual access to St Kilda Road and Alfred Lane to the rear, is a block away from the beautiful Albert Park and across the road from the Albert Cricket Ground and tennis club. The area is very popular for residential conversion being on a tram line to the city and close to existing and future railway stations.
The property is being offered for sale through Michael Godfrey and Alex McColl of JLL Melbourne.