Early enquiry for the former Salvation Army headquarters in Mont Albert since it hit the market

The iconic former headquarters of the Salvation Army is up for sale and as expected its attracting attention from local investors and interstate interests going by first week enquiries.

The three-storey, 3720-square-meter office building at 3-7 Hamilton Street holds a prominent position as the biggest and most high-profile commercial building in the quaint Mont Albert Village. Previously serving as the Salvation Army’s headquarters for thirteen years between 1994 and 2007, the property has since undergone significant transformations under various ownerships.

Most notably, the property’s latest renovation was completed by the Ballarat-based development company, H. Troon, in 2019. This comprehensive refurbishment has modernised the structure, elevating its appeal to potential buyers. Lemon Baxter’s Managing Director, Paul O’Sullivan, says the extensive investment made in essential services such as mechanical, electrical, lifts, and roofing, ensuring the building’s longevity and functionality for future owners.

“The previous owner spared no expense in revitalising this property. It’s essentially a turnkey investment opportunity, with minimal capital expenditure required over the next decade,” stated O’Sullivan.

Strategically located on a 1573-square-meter Commercial 1 zoned block, enjoys excellent connectivity, being near the recently opened Union station, which replaced nearby Surrey Hills and Mont Albert stops. Additionally, the property is within proximity to major activity centres such as Box Hill and Camberwell, further enhancing its appeal to investors.

O’Sullivan said that replicating a building of similar quality today would exceed $25 million, making the current asking price a competitive opportunity for potential buyers. “Interest as we expected is from yield-driven value-add investors and those willing to undertake the challenge of leasing up the remaining floors,” he remarked.

“For the astute investor looking to capitalise on potential returns, this represents a rare chance to secure a high-yield asset in a thriving suburb like Mont Albert,” O’Sullivan added.

Expressions of interest are still open, with inquiries directed to Lemon Baxter Selling Agents Paul O’Sullivan, Chris Chartres, and Hans Fan.