‘Funky’ Preston warehouse in line for development
A quirky warehouse studio in Preston is likely to make way for a multi-level development site.
The commercial-one-zoned property at 140 High St is currently occupied by Divinyl Signs, and is listed as a mortgagee sale.
It last sold for $235,000 in March 2012 according to CoreLogic, and is leased until May 2021 for $26,906 per annum.
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A nearby warehouse at 136 High St recently sold for $1.05 million.
Nelson Alexander Commercial agent Kristian Lunardi says the space will likely be a development site in the future, with scope for five stories subject to council approval.
“The property has that industrial feel … and the inside is pretty funky in a way that is typical to Preston,” Lunardi says.
“The tenants run a design-based printing company, and there is a lot going on in there.
“Otherwise, it is pretty straight forward with right of way access at the back.”
The property is located on 230sq m, and features House of Divine signage on the facade.
Inside are “eye-catching” interiors with artwork scattered throughout.
Lunardi says the buyer will most likely be a developer, and they will have to wait until the end of the tenant’s lease before making any changes.
The property is expected to go to auction on June 27.
This article from Leader Newspapers originally appeared as “‘Funky’ Preston warehouse’s days could be numbered”.