A prominent historic ex-bank at the Camberwell Junction has sold for $4.75 million – a rise on the $3.6 million price the vendor paid in 2013 to the developer then known as FKP.
The c1885 building at 482 Riversdale Road, Hawthorn East (pictured, top), was once a branch for the English, Scottish and Australian Bank, a business said to have provided loans to builders which were responsible for the construction of many homes around the leafy-eastern suburbs in the 19th century.
The heritage listed building later formed part of the Henley Honda car dealership which FKP seized control of as part of a $284 million buy-out of Wilbow Corporation in 2006.
In 2008, FKP won approval to replace vacant parts of the car dealership with Aerial, a high density apartment complex.
After securing restaurant The Meat & Wine Co as a tenant, FKP sold the Gothic style bank, designed by William Wardell and WL Vernon, five years later. On the corner of Burke Road, it traded for some $600,000 over price expectations.
The Meat & Wine Co still occupies the 250 square metre double-storey building with nine undercover car parks, paying annual rent of $231,164.
On that basis the investment is trading this time around on a 4.05 per cent passing yield and a rate per sqm of lettable area equating to about $18,500.