Blue-chip development opportunity in premium Hawthorn location hits the market24 October 2023
A blue-chip development opportunity in one of Melbourne’s most prestigious educational and affluent precincts, Hawthorn, has exclusively been brought to market by Colliers’ Alex Browne, Ben Baines, Hamish Burgess and James Zhuang.
The extremely rare, rectangular-shaped 1,173sqm allotment faces Burwood Road and currently comprises a two-level 999sqm office building, holding over six separate tenancies and generating a strong holding income through various tenants.
The property sits on a favourably zoned Commercial Zone One (CZ1) land under the City of Boroondara Planning Scheme, holding a Design and Development overlay supporting multi-level development with a potential height allowance of 22 metres (STCA).
Associate Director of Colliers Investment Services Alex Browne said, “With several successful apartment projects nearby, the premium location might be best suited to a multi-level residential development. However, with the scarcity of land brought to market within the precinct, the property will likely attract other buyer profiles as well.
“As the asset sits within the epicentre of the Swinburne University of Technology Precinct, the property might also appeal to other uses permitted within the flexible (CZ1) planning scheme, including student accommodation, office and more (STCA).”
Located just 7km from Melbourne’s CBD, Hawthorn is one of the city’s most affluent inner-eastern suburbs with a rich history, period charm and beautiful leafy tree-lined streets. The booming Glenferrie retail hub is home to an assortment of Melbourne’s best restaurants, immediate access to public transport, and arguably Melbourne’s best education precinct.
“Hawthorn has long been one of Melbourne’s most desirable residential areas, with a successful track record of residential development and a median house price of $2,572,500*,” said Colliers Director of Residential Development Sites, Hamish Burgess.
“With an influx of young professionals, international students and downsizers to the area, seeking low maintenance, convenience and lifestyle attributes, there is a strong demand for large, functional apartments finished to the highest standards and generous outdoor spaces in Hawthorn.”
“The success of any future development (STCA) will largely underpinned by this exceptional location and the potential for outstanding City and Central Park view lines for the end resident,” added Mr Burgess.
With price expectations around $9 million, 529 Burwood Road, Hawthorn, is offered for sale by Expressions of Interest, closing Thursday, 16th November 2023, at 3pm (AEDT).