Agents who sold a dual-frontage Morningside property on a 4.3% yield say the suburb is seeing changes under the unitary plan, improved access & intensive residential development that will transform it in a short timeframe.
Under the unitary plan, the property at 617 New North Rd is in the local centre business zone, which allows for retail, office, food, beverage, apartments & commercial services. “Developers may build up to 18m in this zone,” JLL agent Jarred Hill said.
Leases on this property run through to 2024, but around it considerable change is anticipated, partly arising from improved motorway & rail links: “It’s around 1.2km to the North-western Motorway system, a 12-minute walk from Kingsland village, and only a few minutes’ walk to Morningside railway station. Access will only improve once the city rail link upgrade is complete.”
Alex Wefers said the area was being developed and would see substantial population growth – up by a third (13,000) through to 2043. The Urbanaut craft brewery has just opened at 597 New North Rd, and the Station 580 apartment complex is due to open at 580 New North Rd late next year.
617 New North Rd:
Features: 943m² site, 2 buildings on one title with combined floor area of 505m², leased to the Unite Union & Peel to Pip Café, with 2-bedroom apartment occupied by café tenants, both leases have final expiries in 2024, 6 parking spaces, dual street frontage to Western Springs Rd & New North Rd
Rent: $108,398/year net combined rent
Outcome: sold for $2.5 million at a 4.3% yield
Agents: Alex Wefers & Jarred Hill
Attribution: Agency release.