Hawthorn Road corner site has development upside

July 20, Melbourne – Teska Carson is marketing an office and retail property with development upside (STCA) at Caulfield in Melbourne’s inner-east. The property will be auctioned on Wednesday, August 11 at 1pm on site. 

Located on the corner of Halstead Street within one of Melbourne’s best suburban retail strips, the 137 Hawthorn Road property comprises a two level, 311 square metre building, with three separate tenancies and access via both Hawthorn Rd and Halstead Street.

The open plan, ground floor, retail space features full height windows, high ceilings and natural light throughout as well as the benefit of dual street exposure.

The first floor, which can be accessed via Halstead Street, is split into two large tenancies with separate amenities, suitable for numerous staff or a private studio with its abundance of natural light. 

Zoned Commercial 1, the 261 square metre site has six metres frontage to Hawthorn Road and 42 metres frontage to Halstead Street as well as five on-site car spaces.

The aim of Commercial 1 zoning is to create mixed use commercial centres for retail, office, business, entertainment and community uses, and residential uses at densities complementary to the role and scale of the commercial centre. 

The property will be sold subject to a monthly overholding returning $43,838 per annum pro rata.

According to marketing agents, Teska Carson’s Reece Israel and Matthew Feld, the property will appeal to a broad range of buyers including investors, owner-occupiers and developers.

"This is a quality investment or owner-occupier opportunity with strong growth prospects and significant potential for further development (STCA) in the heart of one of Melbourne’s most sought after suburbs.

"Astute purchasers will also be aware that the location, anchored by Caulfield Park, is currently experiencing a strongly emerging gentrification phase and an increasing demand for mixed-use development on the back of ongoing population growth,’’ Mr Israel said.

Mr Feld said the site benefitted from outstanding street exposure, easy access to public transport, ample on and off-street parking and easy access to major arterial routes. 

"This is an exceptional location in terms of close proximity to all essential amenities, a number of well-established eateries including Baker Bleu bakery, Drumstick & Co., Picknick Café, The Pita Man, and Parkside Pantry, as well as public transport and an abundance of lifestyle amenity. 

"The property is also within close proximity of major arterial routes including the Nepean and Princes highways. 

"This is one of the best located inner south-east offerings to hit the market recently, providing purchasers with a great opportunity to secure an exceptional property with excellent growth prospects and upside,’’ Mr Felds said.

He said the property’s key attributes included:

• Monthly lease;
• Sought after inner south-east location;
• Prominent corner street exposure;
• Easy access to transport;
• Strong growth potential; 
• On-site and undercover parking;
• Commercial 1 zoning; and,
• Potential development upside.