Adjoining Caulfield Junction buildings hit the market
Dual Buildings In Popular Inner Caulfield Location Anticipated to Spark Versatile Buyer Interest
MELBOURNE, 16 October 2023 – A wide field of local developers, investors and owner-occupiers are expected to vie for a Caulfield North property with exceptional potential for redevelopment.
The 129 & 131-133 Hawthorn Road property comprises two adjoining retail freeholds totalling 478 square metres and set on a 690 square metre site zoned Commercial 1 with nearly 17 metres of frontage and exposure to Hawthorn Road.
One of the properties is the current home of the National Council of Jewish Women of Australia Victoria (NCJWA Vic) which is a vibrant, strong and independent women’s organisation dedicated to furthering the status of women in both the Jewish and broader communities.
The NCJWA Vic is offering the properties with the view of moving to a new purpose built facility in time. The Association will look to remain within one of the subject properties over the next 20 months.
Acting Under Instructions from Advise Transact Director, Mark Wizel, JLL’s Nick Peden, who is marketing the property with colleagues Annabelle Crowe, Josh Rutman and Mingxuan Li, in conjunction with Gary Peer, Phillip Kingston and Simon Radolnik from Gary Peer, said the property offered many flexible opportunities and enormous upside for a broad range of buyers.
“This is an exceptional property from a number of perspectives – from owner-occupiers looking to capitalise on the trade catchment of a very popular retail/commercial strip to investors and land bankers with an appetite for its medium-term growth potential.
“But perhaps its most attractive aspect is that it also offers developers a superb opportunity, subject to council approval, to realise the site’s full potential as a mixed-use, retail/residential development capitalising on the iconic locale and its strong growth prospects as Melbourne‘s residential population continues to grow.”
Mr Kingston said the existing short-term lease agreements, would provide a developer with a valuable income stream during the planning and approvals process, while the rear laneway access would also facilitate redevelopment.
“From a development perspective, the income stream, size of the landholding, excellent site access via two streets and the fact that there have been a number of nearby luxury apartment developments that have been very successful, makes this opportunity even more compelling,” he said.
“There is no doubt that the demand for apartment living will continue to grow as the population ages and baby boomers, among others, seek to downsize, and it is the most popular and best-serviced precincts like this that stand to benefit most.”
He noted that the precinct had emerged as one of the most popular commercial locations in the inner-south-east anchored by the very popular Caulfield Park. The site is well served by both Caulfield and Malvern train stations, trams on Hawthorn and Balaclava roads and a wide range of retail and commercial businesses offering every essential amenity.
129 & 131-133 Hawthorn Road, Caulfield Road is For Sale individually or together by Expressions of Interest closing Friday 10 November at 2pm (AEDT).
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