Helloo, Frank Walker National Tiles’ home listed with $30m price
The home of Frank Walker’s National Tiles at 525 Graham St, Port Melbourne, is for sale.
The former headquarters of Frank Walker’s National Tiles in Fishermans Bend has hit the market amid expectations of a $30m sale.
The company’s ads are well known for their drawn out opening “hello”, and the firm has had a long association with the 525 Graham St, Port Melbourne, address.
Setting up shop about 15 years ago, they’ve just resigned a two-year lease with another two-year option — though it’s expected the site will be developed.
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Savills listing agent Julian Heatherich said the property would prove an interesting test for the precinct after the state government called in most of the area’s developments a few years ago.
“There’s a preferred eight-storey height, but with the scale it will be interesting to see where that’s pushed,” Mr Heatherich said.
“And it would suit high-density development as far as local amenity goes.
“And you don’t have far to go to buy a few tiles for the kitchens to do a development there.”
The site’s size could be used to test planning height preferences.
While the firm had now relocated its headquarters, he wasn’t ruling out a commercial office development at the site — though a substantial residential development or even an aged care offering are considered most likely.
A handful of international development groups had inquired within hours of the property being listed for sale.
With a neighbouring development already housing a new supermarket, the site was well positioned for a rapid transformation, he said.
While close to the city, the address is not among those affected by the government decision to call in a raft of development approvals.
The Fishermans Bend precinct has largely been frozen by a government decision to call in a number of previously issued development approvals for larger towers in the area, making the new listing a market test — particularly after $179.4m was included in the state budget to bolster the area’s employment precinct.
It is predicted the area will house an additional 80,000 residents and an equal number of new jobs in the next 20 years.
The development’s location is expected to be a major selling point.
The 1.4ha site has 76m of street frontage and currently receives $410,000 from its tenant.
An expressions of interest sale will close on August 5.
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