The Victorian Hot Rod Association has sold its Hughesdale headquarters for $900,000 – 30 times the price it paid in 1977.
The car club accepted the early offer for 69 Warrigal Road, which was scheduled for auction this Thursday, but changed to an expressions of interest campaign when local stage two lock down restrictions came into force.
It carried a price guide starting at $800,000 when it hit the market three weeks ago.
The VHRA offered it vacant, saying at the time of listing, that it would relocate.
Art deco building likely to stay
Rodney King of agency Crabtrees, which is based in the neighbouring Oakleigh, said the purchaser is a local commercial real estate investor and that he expects the property will be retained (story continues below).
The two storey art deco building with 187 square metres of area was marketed for its potential to be renovated as a mixed-use complex utilising the existing layout – an office, shop and dwelling.
However, being on a six metre wide 167 sqm site zoned both Activity Centre and Capital City 1, and with rear laneway access, it was also promoted for its straightforward potential to be replaced with a four level structure.
Several larger commercial sites in the area have made way for projects even taller, with ground floor retail.
In this pocket, about 14 kilometres south east of the city, Warrigal Rd acts as the divide between Hughesdale and Oakleigh.