This article is from the Australian Property Journal archive
The complex was put in the hands of receivers and managers KPMG in May this year after the Federal Court ruled that the scheme run by Melbourne accountant Mark Letten was unregistered and ordered the asset to be sold.
The Court also ordered the sale of the prized Sebel Reef House Resort in Queensland and Sebel Heritage Lodge and Yarra Valley Golf Course in Victoria.
CB Richard Ellis’ Mark Wizel and Paul O’Connell will steer the Expressions of Interest campaign for the Hawthorn property, closing July 28.
Wizel said the property is in one of Melbourne’s premier shopping strips in terms of rental growth and sustained low vacancy rates and opportunities to acquire suburban retail assets of this scale in quality strips are becoming increasingly rare.
The 673-681 Glenferrie Road centre comprises 20 ground floor shops occupied by a mix of strong national and local retailers, including STA Travel, Browns Bakery and Crazy Johns. The property has a vacant first floor area which is suitable for a range of uses including a gym, offices or a large format retailer, subject to relevant planning approvals.
O’Connell said Hawthorn attracts residents with high disposable incomes and the ability to support strong retail precincts such as the Glenferrie Road shopping strip.
He added that the property’s blue chip location surrounded by high quality national retail tenants was expected to underpin buyer interest in the sale.
“The Glen Centre is one of the most popular retail centres on the strip for both tenants and consumers given its location backing onto a significant council car park, which provides easy access for shoppers. The centre is also located in close proximity to Hawthorn Train Station and numerous tram and bus services,” O’Connell concluded.
Australian Property Journal
