Sotheby's building on High Street, Armadale, for auction

A substantial landmark retail building on High Street, Armadale, is scheduled for August 16 auction.

Located opposite the Armadale Railway Station, the building has been occupied by the art dealers Sotheby’s for the last two decades.

But the listing agents say its being offered subject to flexible lease arrangements providing flexible opportunities for investors, developers and or owner-occupiers.

It's tipped to fetch more than $5 million through Chris Kombi and David Bourke at Fitzroys.

Sotheby’s current lease dates from October 2008 and is three years at $300,760 per annum plus outgoings.

The lease was varied by agreement between the landlord and tenant to extend for a further 12-month period to September 2012.

Its current total rental of $352,760 per annum plus outgoings includes Zetta Florence at around $52,000 per annum plus outgoings.

The site area of 1,221 square metres has dual frontages to High Street and Morey Street.

It's a substantial two-storey building of 1,400 square metres with rear car parking.