Ex-politico’s Brighton pile for sale
A Victorian home in Brighton once owned by ex-Goldstein member and federal member for Employment, Education and Environment, David Kemp, is for sale as a potential commercial investment.
On 760 square metres at 388 Bay Street, at the high profile corner of Male, the property includes a standalone two storey outbuilding, occupied as a studio and offices by Brighton Antiques and Prints.
It is being marketed with vacant possession, giving any incoming owner the flexibility to use the five bedroom dwelling as a residence or convert it to retail, taking advantage of its position at the eastern edge of the Bay St popular shopping strip.
All up there is 305 sqm of lettable area.
Mr Kemp sold the home to the current owners for $1.56 million in 2005.
It is expected to trade for over $4m this time around.
Fitzroys’ Mark Talbot and Tom Fisher with Hodges’ Julian Augustini have the listing.
“This is an incredibly rare opportunity to acquire a high exposure corner property in blue-ribbon Brighton,” Mr Talbot said.
“Brighton real estate is amongst the most tightly-held and prestigious in Melbourne,” according to the executive.
“We’re expecting people interested in living in the property and running a home business from the side building, or even leasing that out and earning an income stream,” he added.
“We’re also expecting interest from medical users.
“The property’s zoning suits medical use and the house offers and easy conversion prospect to well-presented premise with several consulting rooms” (story continues below).
No longer Church Street’s poorer cousin: agent
Retail vacancy in Bay St, Brighton, is 5.9pc.
Mr Talbot said following the completion of a Coles-anchored, residential based mixed use project 10 years ago, another prime section of the strip has been established.
“Bay St really comes into its own as a shopping and lifestyle strip over recent years…it’s not a ‘poor cousin’ to Church St anymore” he added.
“The strength of Bay St has recentered the suburb…more people in Brighton and the surrounding suburbs gravitate towards Bay St and it means there’ more demand and expectation for shopping, dining and medical offerings on the strip,” according to the executive.
The listing comes a year since three Bay St retail properties accrued by late real estate agent Tom Chapman sold for $6.83m.
The priciest asset in that portfolio, a Carpet Court on 401 sqm at #311, traded to an investor for $3.81m reflecting a 1.9pc return.
It was at this corner store Mr Chapman opened a Hodges in 1956 which he managed for three decades.
Mr Kemp was a federal liberal member between 1990-2004.
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