This article is from the Australian Property Journal archive
A STANDALONE office and showroom premises at Hawthorn in Melbourne's inner east has sold under the hammer by Gorman Kelly for $2.075 million.
The property at 85 Riversdale Rd Hawthorn was offered with vacant possession and sold to an investor.
Gorman Kelly selling agent Chris Alcock said the price equates to a strong building rate of $8,105 per sqm.
The 385 sqm building comprises an open plan retail space with front reception area, two separate offices. The mezzanine level comprises a retail space and kitchen with a rear storage area.
There is also secure car parking for five vehicles, totalling 129 sqm which could also be used for additional storage. The premises sits on a 326 sqm site, Zoned Commercial 1.
Alcock said the property presented a rare opportunity for owner occupiers, investors or developers with potential for development down the track (STCA).
“To our knowledge, there is no other commercial building within Boroondara or even Stonnington quite like this – its design is well thought out and completely timeless; buildings like this are definitely hard to come by.
“Given the prime location and the upside of development potential, we expected interest in the high $1 million range.” Alcock said.
Australian Property Journal
