Historic Hawthorn church and bank sell within two days

A pair of landmark Hawthorn properties dating back to the 1880s have sold within a day of each other amid mass interest in the unique offerings.

The former Congregational Church at 500 Burwood Rd made $9.85 million under the hammer at its September 13 auction.

The striking brickwork of the building’s gothic facade has been a mainstay of the busy thoroughfare since the church was built in 1881.

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But its interior was converted to an attractive office space about 15 years ago by office fitters Qanstruct, who will stay on as the tenant after selling the building.

Qanstruct Managing director Mark Ruff says it had been an emotional moment to sell their home, but they have been amazed with the result.

The interior of the church is an equally unique office space, with cathedral ceilings overhead.

CBRE’s Mark Wizel says it is the first time he’s sold a church in more than 1000 property sales.

“To buy a church as an office building is very unique,” Wizel says.

And so is the price, with the figure working out to $13,795 a square metre of office space — setting a new record for the suburb.

After 108 bids from four local investors the auction ended at $750,000 above its reserve.

While the specialised nature of the property meant it would not necessarily reflect the wider market in the area, it did demonstrate an underlying strength of demand, Wizel adds.

Meanwhile, another Hawthorn landmark has come off the menu after the former English, Scottish and Australian Bank at the corner of the Camberwell Junction sold for $4.75 million on September 14.

482 Riversdale Rd, Hawthorn East, is home to the Meat & Wine Co, but was originally a bank that helped finance much of the area’s housing construction.

Dating back to 1885, heritage records indicate the building and bank that resided within its walls have played a significant role in the housing boom that shaped Camberwell and nearby suburbs at the time.

The property at 482 Riversdale Rd, Hawthorn East, is home to The Meat & Wine Co, and while the auction started with a $3.9 million bid, it ended with a celebratory drink inside the restaurant, according to Fitzroys associate director Chris James.

The interest had come from a mix of local and international buyers, but that the top offer came from a party who liked the idea of the property as a “trophy”, James adds.

“It is a bit of a trophy property,” he says.

“And anything that’s fully let and with a strong covenant (tenant) is very well received in this market.”

While both properties are unique, their sales have shown the underlying strength to Hawthorn’s commercial property market, both agents say.

This article from Leader Newspapers originally appeared as “Former Congregational Church and Meat & Wine Co make bank at auction”.