A long-time Cheltenham funeral home leased to Tobin Brothers has hit the market with early $3m hopes and a potentially very different future.
A Cheltenham funeral home could one day have children arriving for daycare instead, after its owners listed the property with early $3m hopes.
But families will continue farewelling loved ones there for some time yet, with Tobin Brothers leased at the Park Rd property until June 2029.
Fitzroys director David Bourke said the long-time tenant would probably prefer to remain beyond then.
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“Tobin Brothers have been there for a long time and ultimately they’d probably like to stay on,” Mr Bourke said.
However, its lease has no further option beyond 2029, potentially leaving a future owner to decide what happens next.
Tobin Brothers is leased at the Park Rd property until June 2029 and has indicated it would prefer to remain beyond then.
The properties sit opposite Cheltenham train station, where nearby residential and commercial development has reshaped the precinct.
Childcare and medical operators are expected to consider the property, while medium-rise development could also be contemplated subject to planning approval.
The same family has owned the properties for about 30 years and was involved in developing the funeral home for its current use.
Mr Bourke understood that history stretched back to about the 1980s.
Despite questions about their future, the properties are hardly sitting idle.
Childcare, medical and medium-rise development are among the future uses being considered for the Cheltenham properties, subject to planning approval.
A separate 22-space carpark is also being offered for sale, with agent David Bourke describing it as an increasingly “expensive carpark
They generate a combined $212,331 a year in rent, giving a new owner income while considering the properties’ longer-term future.
Mr Bourke pointed to the rebuilt train station, Charman Rd and new residential projects as signs of the shift already under way.
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