This article is from the Australian Property Journal archive
A REFURBISHED three-level office and retail building in Melbourne’s inner-eastern suburb of Hawthorn, which includes the Australian headquarters of ASX-listed Lovisa, has hit the market.
CBRE’s Mark Wizel, Josh Rutman, Rorey James and Lewis Tong, in conjunction with Stephen Gorman, Jonathan McCormack and Alex Browne of Gorman Commercial, are marketing 818 Glenferrie Road via expressions of interest closing August 29.
Zoned Commercial 1, the 2,659 sqm building has two levels of office space and six retail tenancies, and is on a corner site of 1,488 sqm with 78 metres of frontage and basement parking for 67 cars.
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 is located near highly regarded schools including Xavier College and Melbourne Ladies College, as well as Swinburne University, and is close to Glenferrie train station and various tram routes.
Wizel said the sale campaign came at a time of historic low office vacancy in the Boroondara market, and limited supply of new office space in the suburbs of Hawthorn and Camberwell.
“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,” he said. “Similarly, the blue-chip nature of the area, affluent demographic and appeal to occupiers has supported strong investor demand for office.”
The retail component offers the potential for each component to be sold individually. Recent retail transactions Glenferrie Road transacting individually for building rates between $18,000/sqm and $19,000/sqm.
Australian Property Journal
