Melbourne, 1 June 2014 – A well-known corner property on Burwood Road in Hawthorn, commonly known as the Going Going Green nursery site, has been listed for sale.
CBRE’s Scott Orchard and Mark Wizel have been appointed to steer the sale campaign in conjunction with Michael Gross and Andrew Waddell of Gross Waddell.
Mr Gross said the property was expected to generate significant interest, primarily from developers looking to capitalise on the site’s central Hawthorn location.
“The site is an exceptionally well located and strategic land holding of over 7,100sqm, which is rare to find in such a high quality, city fringe location,” Mr Gross said.
“This is an unlikely to be repeated development opportunity suiting a landmark, high density development outcome.”
The property has dual frontages with a high profile frontage of approximately 65 metres to Burwood Road and 100 metres of exposure to Drill Street. It has a Commercial 1 and part Residential zoning.
Mr Orchard said developer interest was likely to centre on the site’s residential potential and given the size of the landholding it could be possible to undertake a staged apartment project subject to the relevant planning approvals. This could include a ground level retail component, with major supermarket retailers already expressing interest in establishing a presence within a redevelopment project.
“The Hawthorn development market has matured significantly in recent years, with the popularity of residential apartments in this location evidenced by the success of many recent projects in the surrounding area,” Mr Orchard said.
Hawthorn features some of Melbourne’s most expensive homes and is a prized education, shopping, entertainment and lifestyle precinct.
The Going Going Green nursery site is centrally located between Glenferrie and Hawthorn Train Stations, has quick access to tram routes and is in close proximity to the Monash Freeway, connecting Hawthorn to the CBD.
The site currently consists of some brick warehouse and office improvements, which are to be sold with vacant possession.
CBRE’s Mr Wizel said buyer interest would be fuelled by the site’s location in one of Melbourne’s most sought after and prestigious residential locations where many successful apartment developments had been undertaken, including the Hudson, Atria, Aerial, Riva, and Emblem projects.
Mr Wizel added; “Development opportunities in quality suburban locations such as Hawthorn are drawing significant interest from a mixture of local and Asian groups that have a continued appetite for new site purchases.”
Interest in the Going Going Green site is expected in the middle $20millions with Expressions of Interest to close Wednesday 25th June at 4pm.
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CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website atwww.cbre.com.au.