The historic Cibneys Buildings, in Melbourne’s blue-ribbon suburb of Hawthorn, has sold to an investor for a speculated price of nearly $5.4 million.
With four adjoining shops, all on separate titles, the complex sits a 713 square metre site within the West Hawthorn Shopping Village.
Marketed to investors – the assets return a total annual rental return of $212,550 – the campaign was also expected to arouse interest from developers which might consider replacing into the airspace.
Given current planning permissions in the area, a building rising up to four storeys could be entertained.
Cibneys Buildings, at 80-86 Burwood Road, with frontage to Roche Street, is about five kilometres east of the Melbourne CBD and walking distance to the Hawthorn train station.
Gross Waddell broker Alex Ham, who marketed the property with Michael Gross, said the campaign generated interest from local and international investors, and developers “who were attracted to the close proximity to the Hawthorn Station and the city”.
The precinct’s highest profile commercial property owner is arguably the Minogue family, which in 2007 paid $12.5 million for an office-showroom then-under construction at 110 Church Street.