$7.1 M FOR TOP SPOT
Posted on 07 September 2013
An investor has paid $7.1 million for a spectacularly located factory with residential redevelopment potential in Footscray West.
The park-side property at 40-44 Robbs Road sold with a new five-year lease guaranteeing annual rent starting at $686,000. However the site - opposite Hansen Reserve and mostly surrounded by houses - is expected to be replaced with apartments in the longer term.
The 1.3 hectare site is opposite another factory recently permitted to be redeveloped as a 49 unit townhouse complex.
Footscray West is seven kilometres west of the CBD and offers easy access to central Footscray, a suburb earmarked for intense residential and commercial development.
The park-side property at 40-44 Robbs Road sold with a new five-year lease guaranteeing annual rent starting at $686,000. However the site - opposite Hansen Reserve and mostly surrounded by houses - is expected to be replaced with apartments in the longer term.
The 1.3 hectare site is opposite another factory recently permitted to be redeveloped as a 49 unit townhouse complex.
Footscray West is seven kilometres west of the CBD and offers easy access to central Footscray, a suburb earmarked for intense residential and commercial development.