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.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.

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