Investors Looking To Snare Fitzroy Property With Permit

A Fitzroy property with a planning permit for a mixed-use development is expected to sell for around $7 million.

The property at 62 – 70 Johnston Street, Fitzroy is being sold by Vinci Carbone.

"The availability of this city fringe property with a planning permit for 44 apartments and four shops is attracting a huge amount of interest from both local and interstate developers, particularly from Sydney where developers have become accustomed to paying close to $300,000 per unit site for similar sites in their city," said Vinci Carbone Director Frank Vinci.

The property currently comprises a two level brick and concrete commercial building which is currently let as a nightclub/bar and offices, returning $230,000 per annum.

"This property is of appeal to both developers who wish to take advantage of the current demand for inner city living and long term investors who recognise that city fringe properties such as this will only become more and more difficult to buy in years to come," Mr Carbone said.