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.
