Property Development

Schots Home Emporium site in Clifton Hill expected to sell for $20 million-plus

Schots Home Emporium site in Clifton Hill expected to sell for $20 million-plus
Written by The ReReport
As seen in the Source link, written by realestatesource.com.au on 2019-06-28 01:23:58

EXCLUSIVE

One of inner Melbourne’s highest profile properties has hit the market.

The owner-occupied Schots Home Emporium warehouse at 380-406 Hoddle Street, Clifton Hill (pictured, top and bottom), is expected to sell for more than $20 million.

Developed in 1913 as the Clifton Hill Shoe Co factory, the historic double-storey brick property has also been occupied by the Llewellen Shoe Company and Chien Wah Trading Co.

Schots, which sells furniture, lighting and homewares,
has traded from the site for about 25 years.

Uniquely for a double-storey warehouse, the Schots Home Emporium in Clifton Hill has an escalator.

Between the Eastern Freeway intersection and Darling
Gardens, about 2.5 kilometres north-east of the city, the 5306 square metre building
occupies a 2131 sqm island site some 500 metres from both the Clifton Hill and
Victoria Park train stations.

Schots will sell the site with a short-term leaseback
expiring next April with two one-month renewal options.

Owner occupiers and investors are being targeted by Colliers International’s Peter Bremner, Andrew Ryan and Ted Dwyer.

Zoned Commercial 2, the warehouse could be incorporated
into a major office building – and is therefore also being promoted to developers.

The Hoddle Street listing comes nine months after we reported that the Schot family sold a smaller owner-occupied factory at nearby 63-69 Noone Street, Clifton Hill, for $5.2 million.

The Schot family sold 63-69 Noone Street, Clifton Hill, a week after agents closed an expressions of interest campaign late last year.

Schots relocated its warehousing functions in 2016 to a
12,000 sqm facility in Corio Quay Road, North Geelong.

The retailer also recently leased space at the former Philip Morris cigarette making plant, in Moorabbin, which Up Property is replacing as an employment hub.

An aerial image showing 380-406 Hoddle Street, Clifton Hill, relative to the Melbourne CBD, 2.5 kilometres away.