Time & Place with Woolworths pays c$30m for Glen Iris office with development upside

The marketing agents promoted the site’s potential to make way for a five level building.

Diversified Melbourne developer Time & Place and Woolworths have partnered to buy a modern Glen Iris office to replace with a mixed-use complex comprising a supermarket and apartments.

The 4306 square metre site at 173 Burke Road carried a price guide of c$30 million when it was listed in February.

Decades ago the land was gazetted as being in Malvern East and occupied by Ken Foster Ford.

At the top end of a small retail strip, the Glen Iris site (outlined) is at the south west corner of tree-lined Hope Street.

Nowadays it is utilised as a commercial investment – with 102 car parks and 3383 sqm of area fully rented to seven businesses, returning annual revenue of $795,000.

It also has enormous development upside – with a weighted average lease expiry of a year. Ten kilometres south east of Melbourne’s CBD, in an exclusive suburb with a train station, the land is zoned Commercial 1 with no overlays, too.

Colliers International’s Daniel Wolman and Peter Bremner with Alexander Robertson’s Kristian Peatling and Warwick Bramich, who marketed the Glen Iris property via an expressions of interest campaign which closed on March 26, declined to comment.

Site can make way for five storeys

Within a small Group 4 Neighbourhood Activity Centre, 173 Burke Road is earmarked for activation and regeneration in City of Stonnington’s Burke Road blueprint.

Specifically, it can accommodate five acre-sized floors over a multi-level basement.

As well as offices and apartments, development outcomes included a retail complex or medical centre, the agents promoted.

Central Park and Monash University as well as private schools including Sacre Coeur, Korowa Anglican Girls’ School and Caulfield Grammar’s Malvern Campus are within walking distance (story continues below).

In April, Cabrini Hospital sold a 1970s double-storey apartment complex on a 726 sqm General Residential zoned plot at 147 Tooronga Rd, also in the suburb.

Thirteen months ago local developer Samuel Property spent $7.1m on a 2123 sqm site at 1757-1767 Malvern Rd, Glen Iris – less than a kilometre from 173 Burke Rd.

Gazetted General Residential, too, this parcel came permit-ready for a Cera Stribley Architects designed residential project with 28 townhouses.

Time & Place times and places its next development pipeline

Established in 2015 by ex-AV Jennings and Multiplex executive turned Sinclair Brook founder, Tim Price, Time & Place has completed about $4 billion worth of projects – with a focus on premium pockets; even one of its industrial developments is in the exclusive Melbourne bayside suburb of Williamstown.

Nine months ago in a partnership formed with MaxCap, it paid $65m for a 13.6 hectare factory in the city’s inner west Brooklyn intending to replace it with an industrial park.

With Jeff Xu the five year old business is behind a Premium-grade, 26,200 sqm workplace under construction near Treasury Gardens, East Melbourne (an investment it recently sold on a funds-through basis for $328m).

The pair is also co-proposing a 24-floor mixed-use tower with a commercial component at 517-521 Station St, Box Hill, 10kms north east of Glen Iris.

Last week, we reported Time & Place was negotiating with the owners of 80 studio apartments and a multi-level car park to buy the 12-storey complex known as The Chimes, in tree-lined MacLeay Street, in Sydney’s inner-east Potts Point.

Elsewhere in that city, the developer is completing construction of a high-end apartment complex, The Harrington Collection, in The Rocks.

Glen Iris is about 10 kilometres south east of Melbourne’s CBD.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco