34 and 36 Mort Street in Braddon are among six sites set to hit the market. Photo: Supplied - Geocon’s mega Northbourne Avenue project to shape light rail corridor
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A Mort Street site that houses some of Braddon’s hospitality hotspots will hit the market this February.
The two adjacent blocks are among a portfolio of six high-profile commercial assets to be sold in one line or individually.
The six properties are expected to sell for a combined total of more than $35 million.
Petros Group is selling the portfolio through Colliers International and Raine & Horne Commercial and the sites are expected to hit the market within the next week.
Number 34 and 36 Mort Street occupy a 3062-square-metre corner position with frontage onto Elouera Street.
34 and 36 Mort Street in Braddon are among six sites set to hit the market. Photo: Supplied
Braddon Auto Mart and the Les Bistronomes restaurant are among the tenants at 36, while 34’s tenants include the Knightsbridge Penthouse bar and Next Hair.
The ASX Business Centre in Fyshwick and three Mitchell properties are also being offered for sale.
Colliers International sales executive Matthew Winter said the Braddon sites will be of particular interest to developers.
“The neighbouring sites are located on one of the most prominent corners of the suburb and developers are likely to try to acquire both sites to maximise [gross floor area],” Mr Winter said.
“It’s arguably one of the last multi-site opportunities in Braddon.”
He said the entire portfolio has a 98 per cent occupancy rate and a secure income stream supported by 20 tenants including the Department of Defence, McDonald Jones Homes, Communications Design & Management, Taskmaster Hardware and MSS Security.
One third of the portfolio’s income is generated by the Department of Defence, which anchors the ASX Business Centre.
The ASX Business Centre in Fyshwick comprises five buildings on a 10,000 square metre site. Photo: Supplied
The business centre is 100 per cent occupied and comprises five buildings on a 10,000-square-metre block.
Mr Winter said the diverse mix of properties would appeal to a variety of local, national and international investors.
“Whether investors are looking at buying in one line or individually, each asset presents a different value-add proposition,” Mr Winter said.
“Although this portfolio is likely to draw interest from institutional investors, it is a good opportunity for private investors to acquire some individual assets.
“For example, 23-41 Lysaght Street in Mitchell is an asset that private investors could potentially park in their superannuation fund and the asset is relatively easy to manage.”
23-41 Lysaght Street in Mitchell. Photo: Supplied
Expressions of interest close at the end of March.
More to come.