GrayJohnson is privileged to present 414–422 Lygon Street, Carlton — an iconic commercial freehold occupying one of inner-city Melbourne’s highest-exposure corner sites. Offered to the market for the first time in 60 years, this property represents an unrepeatable investment opportunity to secure a true trophy asset in Carlton’s world-famous Lygon Street precinct.

Positioned prominently on the corner of Lygon Street, Elgin Street, and Astor Lane, the property features a substantial double-storey Victorian building with 440 sqm* of floor space on a 225 sqm* corner land holding. Distinguished by its classic architectural facade, lofty ceilings, and a commanding 24.4m* street frontage, the site guarantees high brand visibility.

The property is fully leased to established operator FGThree Pty Ltd on a 10-year term through to August 2029, with two further 5-year options extending potential tenure to 2039. With a passing net income of $140,475p.a.* + GST and built-in 4% annual rental increases, this asset offers strong, compounding yield growth in a resilient city-fringe market.

Key Features:
• Generational Asset: First time offered for sale in 60 years.
• High Passing Yield: Current Net Income of $140,475 p.a. + GST & Outgoings (excl. Land Tax).
• Long Lease Term: 10-year initial lease to FGThree Pty Ltd (expiring Aug 2029) + 2 x 5-year options.
• Compounding Income Growth: Fixed 4% annual rent increases per annum with a market review a the expiration of term.
• High-Exposure Corner Site: 225 sqm* corner allotment with 24.4m* frontage to Lygon Street plus Elgin Street & Astor Lane exposure.
• Imposing Building Area: Substantial 440 sqm* double-storey heritage building with classic period detailing.
• Commercial 1 Zone (C1Z): Flexible zoning supporting retail, hospitality, office, and future residential potential (STCA).
• Unbeatable Precinct: Situated in Carlton’s “Little Italy”, moments from Melbourne University, RMIT, and the CBD.

For Sale via Expressions of Interest, closing Tuesday 15th September @ 12noon