United Petroleum owners double down in Hawthorn East

The service station (marked) and office cost c$23.7 million.

United Petroleum founders Eddie Hirsch and Avi Silver have secured a high profile, two level office abutting the Monash Freeway/Toorak Road exit, at Hawthorn East.

The pair are speculated to be paying $17 million for the asset, 461-465 Auburn Road, also at the south east corner of Hall Street.

The 7-Eleven at 747-755 Toorak Road sold in May.

The deal comes three months since the partners outlaid $6.7m for the neighbouring 7-Eleven outlet, on 2702 square metres, at 747-755 Toorak Rd, under a company name, Hirsch Home Co.

Including the office – on 2439 sqm – Mr Hirsh and Mr Silver now control 1.27 acres in one of Melbourne’s priciest precincts; the Monash Fwy/Toorak Rd intersection is also the suburb border with Kooyong and Malvern.

The move comes two weeks since we reported the pair spent $6 m for a 1.21ha petrol station site at Clyde North.

Tactical buys

Until recently occupied by Bunnings, which consolidated from a number of locations to a Growthpoint office at Burnley, 465 Auburn Rd contains 2739 sqm and 85 car parks.

The block has development upside – but being Commercial 2 zoned, this can’t include residential (story continues below).

It is also a trophy office – agents spruiking its potential as a corporate headquarters, at one of metropolitan Melbourne’s highest profile corners.

Mr Hirsch and Mr Silver, also property investors and developers, recently sold their Hoddle St, Abbotsford, company base, relocating to Glenferrie Rd, Hawthorn.

The Hawthorn East assets are speculated to have been purchased for occupation.

Stonebridge’s Julian White, Dylan Kylner and Chao Zhang with Colliers’ Alex Browne, Ben Baines and James Zhuang marketed 461-465 Auburn Rd.

Burgess Rawson’s Campbell Bowers, Jamie Perlinger and Yosh Mendis sold 747-755 Toorak Rd, which until 2010 was owned by Mobil.

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Marc Pallisco

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