A three level inner suburban office and retail building in Hawthorn is being brought to market for sale.
CBRE’s Melbourne Middle Markets team of Mark Wizel, Josh Rutman, Rorey James and Lewis Tong are handling the sale of 818 Glenferrie Road, conjunctionally with Stephen Gorman, Jonathan McCormack and Alex Browne of Gorman Commercial.
Located in the heart of Hawthorn’s popular Glenferrie Road retail and commercial precinct, the blue-chip property comprises two levels of recently refurbished office space and six separate retail tenancies on the ground floor.
The property, which accommodates the Australian headquarters for ASX-listed company Lovisa, is located near several major schools, including Xavier College, Melbourne Ladies College and the acclaimed Swinburne University. It is also directly accessible from Glenferrie Train Station and various tram routes.
The Managing Director of Gorman Commercial Stephen Gorman said the refurbishment over the last 12 months provided for a high quality, contemporary mixed-use development.
“The exciting nature of the development has certainly taken advantage of the ultra-convenient location, which would be a key factor for purchasers considering the property,” Mr Gorman said.
CBRE’s Mark Wizel said the sale campaign came at a time of historic low office vacancy in the Boroondara office market, and limited supply of new office space in the suburbs of Hawthorn and Camberwell.
“There has been a rush of tenant demand for space in the inner suburbs of Melbourne, particularly from those businesses whose directors and staff live in the surrounding area,” Mr Wizel said.
“With virtually zero construction of new office accommodation in the precinct, there will continue to be upward pressure on rentals for buildings like 818 Glenferrie Road. Similarly, the blue-chip nature of the area, affluent demographic and appeal to occupiers has supported strong investor demand for office.”
Mr Wizel went on to say the retail component of the property added a strategic long term option to investors, with the ability to sell down each component individually.
“With the recent retail transactions along Glenferrie Road transacting individually for building rates between $18,000/sqm and $19,000/sqm, there is a huge amount of underlying land value on offer.”
The property is set to be sold via Expressions of Interest closing August 29, 2018.
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