A trophy-style commercial asset in Melbourne’s Hawthorn changes hands for the first time in over 30 years, as Colliers agents Ben Baines and Alex Browne secured the sale of 157 Auburn Road.
After a highly competitive campaign that generated over 100 enquiries from owner-occupiers and investors, the property sold for $5,110,000 to a local owner-occupier.
Colliers’ Director of Investment Services, Ben Baines, said the new owner plans to undertake refurbishments and to utilise the existing building for predominantly office use.
“Interest has soared from owner-occupiers who are very active at the moment. Across the city fringe and inner metro markets, we are currently dealing with over 170 businesses looking to buy their own office with total office area demand of approximately 90,000 sqm, from this buyer profile,” said Mr Baines.
157 Auburn Road was sold as two individual land parcels comprising a 1,183 sqm two-storey building on a 668 sqm Commercial 1 Zoned land and a separate 369 sqm General Residential Zone 3 site on behalf of Marco Fabrics, who has been operating the premises for the past 30 years.
Mr Baines added, “Prime assets with value-add potential have become increasingly popular, providing owners occupiers the chance to utilise immediately while also providing opportunities for the future.”
“While investor interest has slightly softened, owner-occupiers are picking up the slack. The city fringe and inner suburban markets benefit significantly from a shift of businesses looking to rationalise out from the CBD and businesses looking to relocate from outer suburban markets to more amenities in these closer precincts,” concluded Mr Browne.