36-44 Gladstone Street
South Melbourne

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Property Features

Property ID: 3050876

Building Size
211 m2

Permitted Brothel, Potential Development Site.....

Superbly located on a northerly orientated approximately 211m2 block, opposite soon to be urban park & adjacent to Ferrars Street School, within the Montague Precinct which is part of The Fisherman's Bend Urban Renewal Area (FBURA) and less than 400m to either the St.Kilda or Beacon Cove tram.

Approximately 211m2 single storey concrete block building operates as a Brothel under a monthly lease, currently returning $40,000 net and could continue as such, subject to the purchaser satisfying licencing requirements. Alternatively a number of options await:

1. Conversion into showroom/warehouse, or office/studio,
2. Boutique development in this cul de sac style location up to 8 levels (stca) as provided under current height overlay.

Note: An additional 109m2 on monthly ground lease @ $858 p.a., from Victrack runs with the freehold.

We have obtained all information in this document from sources we believe to be reliable; however, we cannot guarantee its accuracy. Prospective purchasers/lessees are advised to carry out their own investigations