High profile car dealer Nick Politis, also the chairman of NRL team Sydney Roosters, acquired an eastern Melbourne commercial building with development upside for $11.2 million at auction on Thursday.
The 1795 square metre Commercial 2 zoned parcel at 20-24 Hall Street, Hawthorn East (pictured, top), was offloaded by Melbourne private investor David Ben David.
Another local businessman, Robert Le Tet, was the under-bidder.
Developers Jimmy Goh and Stuart Bonning also threw their hat in the ring following a campaign managed by CBRE’s Josh Rutman, Scott Orchard and Lewis Tong with Teska Carson’s Michael Taylor and Michael Ludski.
Mr Politis, who it is speculated will occupy a vacant low-rise 1600 sq building on the site, was represented at the auction by Gross Waddell director Andrew Waddell.
Marketed as the “ultimate commercial opportunity”, 20-24 Hall Street is configured as 60 per cent warehouse, with the balance, offices.
The fit out is high quality and the building includes 37 basement car parks.
About seven kilometres from the city, Hawthorn East is surrounded by some of the city’s most exclusive suburbs, including Toorak.
The employment precinct where Hall Street is located commands some of the highest office rents in Melbourne’s suburbs and in recent years, has had some swank new commercial developments sprout.
However, the local market is set to be negatively impacted when Bunnings relocates its headquarters to a c13,000 sqm facility, to be constructed in Swan Street, Richmond.
In May, Cadence Property Group, directed by Charlie Buxton, paid $6.5 million for a low-rise warehouse on a 1650 sqm Commercial 2 zoned parcel at 1-5 Hall Street, Hawthorn East – a site he purchased to replace with an office.
A month earlier we reported that former Melbourne Knights coach Tony Vrzina sold an older style industrial building at 31 Hall Street to an owner occupier in the healthcare field.
Elsewhere in Melbourne, Mr Politis paid $15.5 million in 2014 for the City Lexus car dealership at 551-575 Elizabeth Street.