Westpac-built branch could make way for five floors
The investor who in 1995 paid Westpac $1.18 million for its prominent Hawthorn branch – only to rent it back to them since – is selling.
The bank constructed 655-657 Glenferrie Road, near Glenferrie Oval, 56 years ago.
Recently, the occupier entered a month-to-month lease agreement.
The property is therefore being marketed as a development play or investment with optional vacant possession.
Emmetts’ Charles Emmett, Geoff Emmett and Andrew Milligan are expecting more than $10m, which would reflect a c4.5 per cent market yield.
The vendor picked it up on an 8.1pc passing return.
Five floors, premium retail
At the east edge of the suburb’s Grace Park Estate, the 750 square metre Commercial 1 zoned site connects Glenferrie Rd to Hawthorn Aquatic Centre via Grace Street (story continues below).
The land could way for a five level building over a multi-floor basement.
“Effectively this is the first time since the property was built by Westpac in 1965 that vacant possession has been able to be obtained,” Charles Emmett said.
“Given the flexible layout and prominent position…there has been a great deal of interest from potential occupiers including tenants and owner occupiers,” the executive added.
“The property has also sparked a great deal of interest from the development sector due to the exceptional potential that would include ground floor retail of up to 750 sqm in one of Melbourne’s leading retail strip centres”.
This area would command a rental premium, according to Mr Emmett, given it is exposed to three streets.
The agency is closing an expressions of interest campaign for 655-657 Glenferrie Rd on Thursday.
