SOLD PRIOR TO AUCTION - Railway Arcade, 660A Glenferrie Road,
Hawthorn, VIC 3122
Shops & Retail
Price information
Sold
Contact Agent
Key property information
Land area
Floor area
Parking info
Property extent
Zoning
Municipality
Tenure type
Sold on
Map of SOLD PRIOR TO AUCTION - Railway Arcade, 660A Glenferrie Road
A TROPHY HAWTHORN INVESTMENT WITH HUGE UPSIDE
- Building Area: 1,194m2
- Land Area: 790m2
- Returning $372,000 per annum
GormanKelly is delighted to offer 'Railway Arcade' 660a Glenferrie Road, Hawthorn for sale via Public Onsite Auction on Friday 10th June at 12 noon.
The property comprises a substantial two level retail freehold building of 1,194m2 with a frontage of 50.1 metres to Railway Arcade (Glenferrie Railway Station) and immediately abutting a large council carpark; which provides a fantastic investment/land banking opportunity with significant development upside.
The property is fully leased to three longstanding high quality tenants: Cheers' Nightclub, Alley Tunes Café and My Adventure Store (Flight Centre Group). The property offers an income weighted average lease expiry of 9.2 years with strong built in income growth and currently returns $372,000 per annum plus outgoings & GST. Approximately 90% of the total income is secured on 10 year lease terms with annual 4% and 5% increases.
660A Glenferrie Road is located within the heart of the Glenferrie Road, Hawthorn retail precinct abutting the Glenferrie Railway Station which sees more than 11,300 people boarding each day and 4 million people annually (based on 2009 available figures);and only 50 metres from Swinburne University.
The property is surrounded by a multitude of national retailers including Coles, Woolworths, ANZ, NAB, Commonwealth Bank, McDonalds and the Lido Cinema complex to name a few. The median house price in Hawthorn is currently $1,650,000 with an affluent demographic and number of elite private schools nearby.
The property occupies prime Commercial 1 Zoning with a site area of 790m2 and existing 42.5 metre height limit under the Glenferrie Road Structure Plan. The property has an existing Planning Permit in place for a 12 level development of 142 studios with balconies and five retail tenancies highlighting the fantastic future upside the property offers.
For further information please contact GormanKelly, Exclusive Selling Agents - David Minton 0422 987 749 or Chris Alcock 0407 907 748.
The property comprises a substantial two level retail freehold building of 1,194m2 with a frontage of 50.1 metres to Railway Arcade (Glenferrie Railway Station) and immediately abutting a large council carpark; which provides a fantastic investment/land banking opportunity with significant development upside.
The property is fully leased to three longstanding high quality tenants: Cheers' Nightclub, Alley Tunes Café and My Adventure Store (Flight Centre Group). The property offers an income weighted average lease expiry of 9.2 years with strong built in income growth and currently returns $372,000 per annum plus outgoings & GST. Approximately 90% of the total income is secured on 10 year lease terms with annual 4% and 5% increases.
660A Glenferrie Road is located within the heart of the Glenferrie Road, Hawthorn retail precinct abutting the Glenferrie Railway Station which sees more than 11,300 people boarding each day and 4 million people annually (based on 2009 available figures);and only 50 metres from Swinburne University.
The property is surrounded by a multitude of national retailers including Coles, Woolworths, ANZ, NAB, Commonwealth Bank, McDonalds and the Lido Cinema complex to name a few. The median house price in Hawthorn is currently $1,650,000 with an affluent demographic and number of elite private schools nearby.
The property occupies prime Commercial 1 Zoning with a site area of 790m2 and existing 42.5 metre height limit under the Glenferrie Road Structure Plan. The property has an existing Planning Permit in place for a 12 level development of 142 studios with balconies and five retail tenancies highlighting the fantastic future upside the property offers.
For further information please contact GormanKelly, Exclusive Selling Agents - David Minton 0422 987 749 or Chris Alcock 0407 907 748.
Property ID: 501953478Last Updated: 29 Nov 2016
04186552...
SOLD PRIOR TO AUCTION - Railway Arcade, 660A Glenferrie Road
Hawthorn, VIC 3122
GormanKelly - Hawthorn1 Oxley Road
HAWTHORN, VIC 3122
HAWTHORN, VIC 3122
Similar properties
Other properties you might be interested in based on the location and property type you are looking at.
Contact Agent
812-816 Glenferrie Road and 1 Measham Place,Hawthorn, VIC 3122 360 m²Shops & Retail • Offices • Development Sites & Land