Developer swoops on Hawthorn site

A LOCAL developer has acquired a Hawthorn site for $9 million with plans for a mixed-use apartment and retail project.

The 1,209sqm corner property at 2-4 Roche Street in Melbourne’s inner-east transacted at close to $7,500 per sqm, and could make way for a proposed redevelopment of 54 apartments, ground floor retail, 67 basement car spaces and 54 storage cages.

Savills agents Clinton Baxter, Nick Peden and Jesse Radisich sold the property via expressions of interest on behalf of a Melbourne-based investor.

Baxter said the property had been extremely popular, with offers received from local and Asia-based developers with the price reflecting the intense competition for a development opportunity in one of Melbourne’s most highly regarded residential and lifestyle pockets.

“The sale is a demonstration of the voracious appetite of developers seeking to secure sites suitable for boutique apartment projects in the leafy inner-eastern suburbs.

“They are particularly seeking to develop projects suitable for owner-occupiers and empty-nesters,” he added.

The Commercial 1-zoned site has extensive street frontages and protected views towards the CBD, and is close to Hawthorn railway station and tam routes along Burwood Road and Power Street. 

The property was sold subject to monthly leases to two tenants, who occupy the two double storey buildings. Current annual rental is $105,000, with vacant possession available on 60 days’ notice.

Australian Property Journal