52 Madden Grove, RICHMOND, VIC

OBVIOUS A location known to many foodies across Melbourne and occupying a premier corner position! Currently offered with a commercial retail tenancy in place, however, presents potential for future residential or development opportunity (STCA). Positioned on approximately 185m² of commercial zone 1 land and securely leased to the renowned "Serotonin Cafe," offering a steady income stream. With exciting future upside for investors, developers, and owner-occupiers. The property consists of an open-plan single-level building with a polished concrete floor, and rear/side access via Stawell Street to the courtyard. With an annual return of $47,750*, set to increase to $49,183* per annum on 25/03/2024, with the tenant covering all the usual outgoings. Terms of Lease: Three years starting on 25 March 2022 Review Dates: Fixed increases of 3% on 25 March 2023 and 25 March 2024 Further terms: Three further terms of three years each Land size: 8.23m x 21.1m approx. Land area: 185 sqm approx. A city-edge location within the immediate vicinity of Monash Freeway, Swan Street, and Bridge Road retail shopping and bar/café/restaurant precincts, and walking distance to Burnley train station. SEALS THE DEAL A landmark 3121 acquisition and the perfect addition to any strategic investment portfolio, this is your chance to secure a commercial investment with both immediate returns and the potential for substantial future growth. 52 Madden Grove, Burnley, is offered for sale via Expressions of Interest closing Thursday 14th December 12:30 pm (AEDT).