McMullin to replace Hawthorn bank with office
Eighteen months since snapping up Glenferrie Road’s 57 year old ex-Westpac branch, McMullin has unveiled plans to replace it with an office, part which will dub as its headquarters.
The six storey building set for #655-657, on the north west corner of Grace Street – at the edge of Hawthorn’s revered Grace Park estate – will contain 2576 square metres including ground floor retail.
The commercial component will be Premium grade – the best available according to Property Council of Australia classification.
The end value is put at $50 million.
McMullin paid $11.5m – 15 per cent over guide – for the 750 sqm Commercial 1 zoned site making way for the project.
Emmetts’ Charles Emmett, Geoff Emmett and Andrew Milligan were the agents.
Central spot
McMullin will occupy the top two storeys of the Gray Puksand designed office, to be known as 655 Glenferrie Rd.
Levels one through three and the ground floor retail space will soon be offered for lease.
“Having spent plenty of time in and around the Glenferrie Rd area, we immediately saw the potential for this location,” the group’s managing director, Ian McMullin, said.
“655…provides a tremendously vibrant environment for our staff and future occupants, packed with all the amenities in the immediate area,” he added.
“The connectivity via train, tram and road to this location is outstanding,” according to the executive.
“We are creating a genuinely premium office building, with attention to every detail…this building will represent our values perfectly and…stand the test of time” (story continues below).
The McMullin site’s western boundary neighbours the Hawthorn Aquatic and Leisure Centre, which underwent a $27m refurbishment in 2014.
To its north is a row of five properties accrued over recent years by Lido Cinema owner Eddie Tamir.
One – a Coles at 689-699 Glenferrie Rd – was picked up last November for $24.5m reflecting a 1.9pc yield – a record low for an Australian supermarket.
Coincidentally, Emmetts was that agency too.
Elsewhere in the street – #852-858 – BFX Group this year started building a seven storey, 87-key Novotel on its ex-headquarters.
It also purchased 812-816 Glenferrie Rd in May to develop longer term.
McMullin sticks to the east
Construction of 655 Glenferrie Rd is expected to start next year.
McMullin will relocate from Railway Parade, Camberwell.
Since 2000, the group has also operated at Cato Street, East Hawthorn, and Shierlaw Avenue, Canterbury.
Earlier this year, its fund management arm MPG hit a milestone, achieving a portfolio value of over $1 billion.
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