A tiny government-owned Melbourne property housing a mobile phone tower has hit the market.
The Department of Finance and Treasury listing has an expected sale price of $400,000 for the site located at 6 Whitehall Street, Footscray.
Teska Carson director George Takis – who is listing the property – said the site offers an annual rental return of $70,000 from telecommunications infrastructure group Axicom – the lease is paid a year in advance and has a 6 per cent rise factored in every 12 months.
If Axicom decline to continue their lease when it ends in 2030, Mr Takis believes another telco would be keen to rent the site which supports 4G and 5G networks.
“It’s a rare opportunity to acquire and outstanding investment with solid income growth and rent paid annually in advance,” he said.
Despite only spanning 43.9sqm and adjoining a train line, Mr Takis said the property provides an outstanding investment opportunity in an popular inner-west Melbourne suburb located five kilometres from the CBD.
“Footscray is a vibrant inner-city location, an area which is experiencing continuous growth due to numerous commercial and residential developments within close proximity,” he said.
“The surrounding area is well serviced by an extensive range of lifestyle amenities including Victoria University, Footscray Park and Footscray Market, as well as being in close proximity to a number of major arterial routes and
public transport for easy access to the CBD.
“Recent high-profile office development along with residential projects currently approved or under construction in Footscray are an excellent indicator of the desirability of the area.”
Zoned as an “activity centre” under the City of Maribyrnong Planning Scheme, the land is required to maintain a focus for business, shopping, working, housing, leisure, transport and community facilities.
The Melbourne property is listed for private auction on April 29, with several parties already showing interest.