Site on Busy Hawthorn Intersection Sells For $11.2 Million
Earlier this year, Woolworths paid Leighton Properties $21.93 million for the three hectare site across the road from 461 – 465 Auburn Road – once the Gas & Fuel Corporation of Victoria’s Tooronga gasometer.
Woolworths is said to be considering redeveloping a major hardware store at the site, as part of its expansion into the sector.
It bought the site off Leighton which had obtained a permit for a bulky goods complex. Leighton purchased the site of Australand, which had obtained a permit to develop apartments, sources say.
Stockland’s massive Tooronga Village redevelopment is a block away.
Jones Lang LaSalle director Steven Messina and Matthieu Lucas marketed the Hawthorn East site.
Mr Messina said the transaction marks an important step to recovery for the south-eastern office market, as it’s the first property reported to sell for over $10 million, on a yield of less than 8 per cent (7.9 per cent), since the beginning of the economic downturn.
The site includes a newly refurbished 2783 square metre office, two basement storerooms and parking for 84 cars.
