BaiFuXin Family Office (BFX) has picked up another east Melbourne development site.
At 812-816 Glenferrie Road, Hawthorn, with a 14 bay car park off Measham Place, the 809 square metre battle-axe shaped, Commercial 1 zoned block is setting the group back $5.75 million.
The property contains a 360 sqm single level building with two shops and six office suites; fully leased it returns annual net rent of $172,836.
Fitzroys’ Chris Kombi and Chris James marketed the parcel’s potential to be developed in part (specifically, the Measham Place car park).
Instead, BFX will, longer term, replace the whole block, likely with a mixed-use tower.
The developer is led by James Zhang, also a director of APH Holdings, which has been a higher profile eastern suburb investor, in recent years, acquiring prominent sites in Burwood Highway, Forest Hill and Whitehorse Road, Box Hill – the latter which could be compulsorily acquired as part of the Andrews government’s Suburban Rail Loop project.
Elsewhere on Glenferrie Rd – at #852-858, about 160 metres away, the executive is extending a five level office by two floors and repurposing it as an 87 room Accor hotel also with a bar, gym and function rooms.
At Burwood East – about 10 kilometres east of Hawthorn – BFX in February paid $13m for a low-rise office on 4867 sqm within the Tally Ho business park.
Another Glenferrie Road sale
The 852-858 Glenferrie Rd deal reflects a 2.2 per cent net passing rent and land rate of $7151 per sqm (story continues below).
Australian and offshore suitors looked in, Mr James said.
“Investors were seeking a quality diversified income stream, while value-add players, developers and land bankers all recognised the large site area’s underutilisation and favourable zoning,” Mr Kombi added.
Elsewhere in the pocket, cinema owner Eddie Tamir recently outlaid $24.5m for a Coles supermarket at 689-699 Glenferrie Rd.
Combined with four neighbouring properties the businessman acquired in two tranches, in 2010 and 2019, the businessman now holds a 3836 sqm Commercial 1 zoned parcel.
In another interesting deal struck in the street last year, the long-time, recently vacated Westpac branch at #655-657 traded for $11.5m or 15pc over guide.
That vendor paid the bank $1.18m for the asset in 1995, then rented it back to them.
Hawthorn is six kilometres from the CBD.
Subscribe to our newsletter at the bottom of this page.