This article is from the Australian Property Journal archive
A SIGNIFICANT development site located in Melbourne's inner east is on the market through Jones Lang LaSalle.
96 Camberwell Road is located 700 metres from Burke Road’s retail heart and approximately 1.5 kilometres east of Glenferrie Road’s retail strip, and 6kms east of the Melbourne CBD.
JLL’s sales & investments executive Dominic Gibson said the site at 96 Camberwell Road,
Hawthorn East has a number of things going for it including:
· Strategic landbank or development site
· Island site
· Inner eastern location
· Numerous development opportunities
· Two street frontages
· And Business 2 Zone
In addition, if there is also significant holding income if investors decide to sit on their hands.
Currently there is a single level, 1,370 sqm office complex which is strata sub-divided and comprising 18 units with associated 32 car spaces on a site area of 2,011 sqm.
The property is predominantly leased to short term tenancies and earns an income of $273,496 per annum.
“96 Camberwell Road, Hawthorn East occupies a central location within the well established metropolitan suburb of Hawthorn. Hawthorn is recognized as one of Melbourne’s most established areas providing a well sought residential address and a strong commercial precinct.
“The popularity of the area has been well demonstrated with the numerous mixed use developments currently underway or mooted, providing a range of quality residential, commercial and retail projects in the immaculate vicinity, including Camberwell Station; “The Well” Burke Road, Camberwell; Camberwell Junction (Honda Site); and “Vantage” Burwood Road, Hawthorn,” he continued.
“We are currently experiencing a high demand for well-located development sites in established and proven areas of Melbourne. With limited amount of quality supply available, we encourage your participation in 96 Camberwell Road, Hawthorn East,” Gibson said.
The property is being offered for sale via Expression of Interest closing Thursday July 31 2008 at 3.00 pm at the offices of Jones Lang LaSalle, Level 21, 600 Bourke Street, Melbourne VIC 3000.
Australian Property Journal
