Tony Vrzina, former president and coach of the Melbourne Knights soccer club, has banked $2.7 million from the sale of an industrial showroom in Hawthorn East.
The single-storey building at 31 Hall Street with 460 square metres of lettable area and three car parks, was leased mid-campaign to a healthcare occupant.
It sits on land zoned Commercial 2, offering longer-term redevelopment potential.
The block is near the intersection of Tooronga Road and close to the Toorak Road exit of the Monash Freeway.
This pocket of the suburb was once filled with low-rise industrial properties which in recent years, developers, and owner-occupiers, have been replacing with high-end offices.
CBRE’s Sandro Peluso, Josh Twelftree and Jimmy Tat brokered the off-market deal for Mr Vrzina, who led Sydney Croatia in the 1990s before coaching Victorian Premier League side Fawkner. Mr Vrzina has also led Preston, George Cross and Bulleen – as well as Melbourne Knights.
“While Hawthorn has always been popular with office tenants and commercial owner occupiers, we expect to see a shift towards more social infrastructure uses in the area,” Mr Peluso said.
“This will underpin growing interest from medical and child care operators, particularly in light of the growing number of office developments in the area. It also aligns with the area’s ongoing gentrification, with Domain Group last year reporting that the median house price in Hawthorn East had almost doubled over five years, which is having a flow-on effect in the commercial sector”.
Mr Peluso said 31 Hall Street was one of the last remaining industrial assets ripe-for-redevelopment in the area.
The agents are about to begin marketing a medical clinic investment at 368 Tooronga Road, adjacent to Hall and Cato Streets, and leased to Smile Designs, under instructions from Appel Property.