Two of bayside’s historically intertwined real estate families are now working together on the sale of the century.
For the first time in 109 years, 103 Church St in Brighton is going under the hammer.
This modern, two-story office building opposite Woolworths is a once-in-a-century opportunity for investors with a total rental income of $143,292 p.a., a building area of approximately 309m2, on-site parking and ROW rear access.
“This property was refurbished in 2007, making it one of the best commercial buildings in Brighton’s popular Church Street,” says Matt Nichols, the agent appointed by the Costello family.
Matt Nichols and Costello brothers Greg and Damian are all third generation real estate professionals so buying and selling property is in their blood. Matt is the Managing Director of Nichols Crowder, taking after his grandfather who owned real estate business Eric Weber & Co, Greg Costello owns RT Edgar in Brighton, and Damian Costello runs the owners corporation business. The two Costello brothers followed in the footsteps of their family who founded one of Brighton’s first real estate firms H. C. Costello & Co. in 1906.
Over the last 89 years the two families have been interestingly intertwined. Recently Nichols discovered an old real estate poster from 1926, showing his family had worked with H. C. Costello & Co. to sell a Tramway Estate in Brighton.
This was one of the earliest tramway estate sales as most sold when the bayside area tram routes ceased in the 1950s. This historic land was sold on vendor terms of two pound per month at a 6% interest rate.
As Nichols discovered through old photographs of auctions in progress, many of these land subdivisions were sold under marquees, marking the beginning of Melbourne’s reputation as the auction capital of the world. The auction system flourished under these marquees, and the clearance rate was as much of a topic on everyone’s lips as it is today.
79 years later Nichols purchased the Costello Real Estate commercial rent roll, and today the two real estate family friends are again collaborating on another historic opportunity, the sale of one of the best commercial buildings in Church St.
103 Church St is currently leased to RT Edgar Brighton and Body Corporate Managers Bayside, with tenants on varying lease terms with options.
After being owned by the Costello family for 109 years, 103 Church St Brighton is going under the hammer at an onsite executor’s auction on 7th October at 12pm.
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Moorabbin VIC 3186
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