A private investor has secured 465 Auburn Road, Hawthorn paying $17,000,000 for the vacant 2,739sqm office building.
Stonebridge Property Group’s Julian White, Dylan Kilner, and Chao Zhang, along with Colliers’ Alex Browne and Ben Baines, marketed the property for sale on behalf of a local family that has owned the property since 2010. The family had purchased the property for $11,200,000 at that time when it was fully leased to Bunnings.
The former Bunnings headquarters had been largely vacant for the past five years, despite multiple leasing campaigns attempting to fill the building.
“The building was in its original condition, and most buyers were factoring in additional lifecycle replacement costs. Therefore, the sale price of over $6,200 per square metre is a very strong result,” said Stonebridge National Partner Julian White.
“There was strong interest from both owner-occupiers and value-add investors, resulting in the two agencies generating a combined total of 167 enquiries and 21 inspections,” added Alex Browne.
“By emphasizing the rarity of a building of this scale located between two of Melbourne’s wealthiest suburbs, Hawthorn and Toorak, we were able to overcome buyers’ concerns about the building’s age and outdated services.”
The property was sold three days after the formal close of the expressions of interest, with multiple parties submitting contracted positions about the vendors’ reserve.
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