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47-53 Camberwell Road (and Burwood Road), Hawthorn East, Melbourne
MELBOURNE, 22 APRIL 2013– A significant parcel of land that has been in the same ownership for the past forty years, situated at 47-53 Camberwell Road in the Melbourne suburb of Hawthorn East, is about to be brought to the market.
Steven Messina and Matthieu Lucas of Jones Lang LaSalle in conjunction with Jake Eisen of Kelly and Kelly Property are offering this landmark site that benefits from dual frontage to two major roadways, Camberwell Road and Burwood Road.
This unique development opportunity is located in the heart of Melbourne’s established inner eastern suburbs, midway between the bustling Glenferrie Road and Burke Road retail strips and is within close proximity to Swinburne University, Camberwell Junction and Railway station, numerous public schools and a thriving local amenity.
Occupying a significant parcel of land of approximately 5,180sqm, the property has frontage to two major arterial roadways, providing excellent exposure and more importantly, offering potential buyers design and development flexibility to construct a trophy mixed use asset in a well-sought location. The Business 2 and Residential 1 zoning may provide potential for either a commercial and/or residential multi-level development. There is also the option to subdivide the site into separate parcels.
The property is currently leased to a mix of showroom, warehouse and office tenants, providing the purchaser with secure holding income of approximately $600,000 per annum with scope to increase to approximately $870,000 per annum during the planning phase.
Mr Messina said “we expect this property to be well sought given its desirable location, two major street frontages and flexible zoning, providing numerous development options for either commercial or residential concepts.“
Mr Eisen added “further, the lack of new buildings currently being developed in Melbourne’s inner east and the tight supply of quality stock augers well for a commercial scheme on this site.”
Supporting this, Jones Lang LaSalle’s latest Research shows there was 6,500sqm of new developments completed in the South East office market in Q1, 2013, with a further 18,421sqm currently being developed in the precinct, of which 53% has been pre-leased. In Q1, 2013 the vacancy rate has moved out from 6.98% to 7.21% in the inner east, with rents now reaching in excess of $350/sqm net.
Mr Messina said “we have not seen a new commercial development of this size in the area since a similar mixed use residential/commercial development was built at 117 Camberwell Road”, of which Jones Lang LaSalle sold the commercial component for $26million in 2011 to an owner occupier.
Notwithstanding the potential for a commercial concept, this site also provides an excellent opportunity for a residential scheme. “We are seeing strong demand from both local and offshore developers for landmark sites in such a prime location.”
Recent campaigns conducted in the area by Jones Lang LaSalle, including 10-12 Albert Street, Hawthorn East and 1159 High Street, Glen Iris generated over 100 enquiries each, demonstrating the depth of buyer interest for well positioned sites.
The site is being offered for sale via an Expression of Interest campaign closing 4pm Thursday 23rd May and is expected to sell for in excess of $16million.
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