Trophy historic bank for sale
A historic ex-State Savings Bank on arguably the best corner in a thriving suburban Melbourne shopping village, is for sale for the first time in nearly 30 years.
The c1913 building and an adjoining shop, all up covering 867 square metres at 30-36 Eaton Mall, on the north east corner of Portman Street, Oakleigh, is expected to collect well over $10 million at auction next month.
Chemist Warehouse, the key tenant occupying the double storey bank, is also a suitor; its directors have in recent years been buying stores it occupies, or securing properties in better locations, for possible future use.
It would be hard pressed to find a better location in Monash, according to the marketing agents; this property being at the south side of the mall, closest to the Oakleigh train station and Vicinity’s Oakleigh Central Shopping Centre.
It also offers expansion flexibility – with the potential to connect the stores to create a 795 sqm space, one of the largest in the precinct, they added.
There is airspace development upside too, including with residential, the land being zoned Commercial 1.
More importantly, they said, the area was just recently identified by the state government as one of 50 metropolitan precincts able to accommodate high rise, high density residential.
New high density zone
The second bank developed in Oakleigh, which like the first, still stands (the c1879 ex-ESA at 1527 Dandenong Road), Cushman & Wakefield’s Raphael Favas describes 30-36 Eaton Mall as a true trophy asset.
Fully leased, with three more tenants, it returns $420,000 per annum (story continues below).
“Only three properties have been offered to the market along Eaton Mall, Oakleigh, in the last 15-years making this one of the most tightly held strips in Melbourne,” he added.
“Additionally, these sales have maintained an average yield of 2.93 per cent,” according to the executive.
“This is an opportunity that will not present itself gain in a very long time”.
The listing comes a year since a shop on 94 sqm on the opposite corner, 27 Portman St, traded for $3.07m – a three per cent yield.
Mr Favas is marketing 30-36 Eaton Mall with colleagues George Davies, Daniel Wolman and Leon Ma.
It is the first time the property has been offered since 1998.
Oakleigh is 14 kilometres south east of Melbourne’s CBD.
Earlier this week, we reported the Greek Club Palesviaki Enosis of Melbourne bought a prominent office in the suburb to repurpose as a clubhouse.
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