737 Pascoe Vale Road, Glenroy
The former Glenroy Library site is going to auction, presenting a huge opportunity for occupiers, investors, developers, and value-add and repurpose players at the gateway to the Glenroy Activity Centre, in an offer more than half a century in the making.
Fitzroys’ Ervin Niyaz and David Bourke are marketing 737 Pascoe Vale Road, Glenroy on behalf of Merri-bek Council. Put to the market for the first time in 54 years, it goes to auction on Friday, 16 August at 1pm on-site.
The vacant property is surplus to Merri-bek Council’s needs following its recent relocation of the Library.
Price expectations are of S3.3 million-plus.
The property comprises an open-plan, self-contained single storey building, previously utilised as a library and community centre, with an expansive floorplate, on a substantial 1,831sqm Commercial 1-zoned site that boasts a commanding frontage of more than 45 metres to Pascoe Vale Road.
There is rear access via ROW off Gladstone Parade and Grandview Street and valuable off- street parking for 13 cars.
“This is a generational opportunity to occupy, invest, develop or re-purpose in Glenroy’s core commercial Activity Centre,” Niyaz said.
“Not many opportunities like this come to market – particularly assets of this type being divested by Council. It could be another 50-plus years until another sizeable asset in this tightly-held Activity Centre is made available.”
He said interest is expected from a broad range of buyer types.
“Businesses and operators will be attracted to the high-profile nature of the site, near the intersection of Pascoe Vale Road and Gladstone Parade within a key retail and commercial precinct, and the building’s unique size and versatility.
“Value-add players and repurposing buyers have an expansive and versatile template to work with, while developers can utilise the large, high-profile site and attractive Commercial 1 zoning to make their mark on the Activity Centre, and deliver a commercial and/or residential offering (STPA) in location high in demand from businesses and residents.”
Bourke said the the property is in an established neighbourhood with strong fundamentals, with Glenroy train station and bus services just a few minutes’ walk away, while nearby are the M80 Ring Road, major roadways and ample public parking, a number of schools and education centres, and a strong retail and commercial offering.
“Pascoe Vale Road, Glenroy boasts an active and vibrant commercial precinct that includes Coles and Liquorland, NAB, Commonwealth Bank, Amcal Pharmacy, together with restaurants and cafès, delivering a diverse mix of shopping and dining offerings,” he said.
The site is surrounded by education services with many childcare centres, primary schools and secondary colleges including Glenroy College, Corpus Christi Primary School, Glenroy Primary, Glenroy West Primary, Penola College, Ilim College and Glenroy Private.
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