674 Glenferrie Rd, Hawthorn VIC 3122
Stonebridge Property Group’s listing of Woolworths Hawthorn presents a once in a lifetime opportunity to purchase a supermarket in the heart of the highly affluent and sought after Glenferrie Road retail core.
Located on the highly active and popular Glenferrie Road in the heart of Hawthorn, the commercial 1 zoned supermarket resides on a parent site of 3,640sqm opposite Glenferrie train station with the best zoning provisions in the area.
Hawthorn is a famous and highly affluent inner eastern Melbourne suburb, only 4 kilometres from the CBD. The property benefits from being in a prime position within the Glenferrie Activity Centre with strong public transport connections via Glenferrie Station and tram services along Glenferrie Road making it minutes from the CBD.
The 1,827sqm supermarket is on a 5-year lease and has a passing net income of $424,031 p.a. In addition there are 69 common area rooftop car spaces with the benefit of a large multi-level car park across the road.
Stonebridge Property Group Justin Dowers, Kevin Tong and Julian White are acting on behalf of the vendors and note that the property has significant underlying land value with substantial upside. There is opportunity for an astute buyer to acquire the remaining lots in the Glenferrie Centre to maximise site development potential and flexibility.
“The ability to replace a Woolworths in Hawthorn is just so difficult because of the very high underlying land value and established nature of the commercial environment. This is why the Coles Local opposite this centre transacted at such a sharp yield and high rate per square metre of land,” stated Justin Dowers.
“Single tenant supermarket investments are considered to be the most desirable investments in the market at the moment and Hawthorn is one of the most desirable locations in Melbourne. That’s why Woolworths Hawthorn is such a special investment,” noted Justin Dowers.
“Large landholdings in such prime inner city locations close to retail and public transport amenity are very rare. This property allows a buyer to secure a major piece of one of the best future development sites in Metropolitan Melbourne,” added Julian White.
Recent Supermarket Transaction Coles Local Glenferrie
Located just 50 metres from the property is the Coles Local Glenferrie which recently transacted for $24.5m, representing a yield of 1.9% and a land rate just over $16,800 per sqm.
Stonebridge Asia Practice Partner Kevin Tong added “With the recent opening of international borders and the return of students, the Glenferrie Road precinct is back thriving and we anticipate strong demand from both local and offshore high net worth Asian investors especially those who reside in the surrounding south eastern suburbs.”