Prime Freehold Investment with Development Upside
OPEN FOR INSPECTION – TUESDAY 11 FEB 12:00PM.
Lemon Baxter is pleased to present 298-300 Bay Street, Port Melbourne for sale via Expression of Interest, closing Wednesday, 12th March 2025, at 1PM (AEDT).
This exceptional freehold opportunity is situated in a prime location and features:
– Land size: 253 sqm
– Net lettable area: 172 sqm
– Frontage: 10.06 metres
– Car spaces: 2
The property is leased to Symmetry Physio Port until 31st October 2028, with no further options. It generates a net annual rent of $87,223.90, with fixed 3% annual increases.
Zoned Commercial 1 (C1Z), the site offers significant development potential (STCA), making it an attractive opportunity for investors and developers alike.
Strategic Location & Growth Potential:
298-300 Bay Street is positioned adjacent to the Sandridge and Montague precincts, both of which are undergoing major transformations under the Fishermans Bend Urban Renewal Plan.
Sandridge Precinct:
Set to become a vibrant commercial and residential hub, Sandridge will feature:
– A diverse mix of housing and retail spaces
– A civic spine along Fennell/Plummer Street
– Excellent public transport and cycling links
– Green links, laneways, and recreational areas
– A blend of high-rise and low-scale developments
– A new school and community services
Montague Precinct:
Traditionally an industrial area, Montague has undergone rezoning to a Capital City Zone (2012) as part of the Fishermans Bend Urban Renewal Plan. The 43-hectare precinct is being transformed into a well-connected, mixed-use precinct split into Montague North and Montague South by the 109 tram line. Key features of the Montague redevelopment include:
– Mixed-use developments with residential, retail, and commercial spaces
– New parks, bike paths, and public open spaces
– Planned schools and community infrastructure
– Attractive opportunities for businesses and employment growth
With its prime positioning and access to major urban renewal projects, 298-300 Bay Street presents a compelling investment in one of Melbourne’s most rapidly evolving precincts.
Contact our exclusive selling agents at Lemon Baxter for further information.
