590-596 GLEN HUNTLY ROAD
ELSTERNWICK
For Sa le by Ex pressions of Interest closing on Thursday 2nd July 2020 at 2pm
EXISTING BUILDING OF 1200SQM
APPROVED PLANNING PERMIT FOR 5 LEVELS
590-596 GLEN HUNTLY ROAD
ELSTERNWICK
CONTENTS INTRODUCTION 04 EXECUTIVE SUMMARY
06
LOCATION 09 PROPERTY PARTICULARS
10
EXISTING IMPROVEMENTS
14
TENANCY DETAILS
16
FLOORPLAN 18 PROJECT DEVELOPMENT SUMMARY
20
SALE METHOD
23
590-596 GLEN HUNTLY ROAD
ELSTERNWICK
INTRODUCTION Aston Commercial in conjunction with Gary Peer and Associates are pleased to offer 590-596 Glen Huntly Road, Elsternwick to the market for sale by Expressions of Interest closing on Thursday 2nd July 2020 at 2pm. This outstanding Elsternwick offering provides the best of both worlds! A permit approved mixed use project designed by renowned Bruce Henderson Architects, but also a substantial existing building. Building the designed project or using and improving the existing structure are both viable options and therefore we expect interest from developers, owner occupiers and investors alike. The suburb is indulged with the best of Melbourne’s facilities and revolves around one of Melbourne’s best strip shopping centres, its easy access to the CBD and beautiful bayside beaches. Aston Commercial and Gary Peer highly recommend this property for your serious consideration. 4
EXECUTIVE SUMMARY
m2
6
PROPERTY
BUILDING DESCRIPTION
590-596 Glen Huntly Road, Elsternwick
A significant former clothing factory that spans two floors and provides retail, office and warehouse space.
BUILDING & LAND AREA
PLANNING PERMIT
Building Area: 1,200 sqm* Land Area: 806 sqm* *approx
Construction of a 5-storey building with basement for 20 dwellings and 3 retail shops
ZONING
SHORT TERM INCOME
Commercial 1 – (C1Z)
$4,583,33 per calendar month
METHOD OF SALE
TERMS OF SALE
For sale by Expressions of Interest closing on Thursday 2nd July 2020 at 2pm
10% deposit with settlement in 60-90 days
Julian Millman
Phillip Kingston
Liam Rafferty
Jeremy Gruzewski
Project Marketing 0412 713 121 julianm@garypeer.com.au
Director 0414 353 547 phillipk@garypeer.com.au
Senior Sales Executive 0421 886 655 liam@astoncommercial.com.au
Director of Agency 0422 211 021 jeremy@astoncommercial.com.au
LOCATION
Approximately 9km’s south-east of Melbourne’s CBD, Elsternwick is neighboured by affluent family and lifestyle suburbs of Elwood, St Kilda East, Caulfield and Brighton East. Nearby is one of Australia’s newest Coles supermarkets and Woolworths has recently acquired a major development site for a new supermarket. The Classic cinema with 10 screens is a Melbourne landmark and local attraction and together with every possible cuisine the many cafes and restaurants make Glen Huntly Road a sought-after destination. The suburb is serviced by the Frankston line and the Elsternwick train station together with trams and buses. Elite private schools Shelford Girls Grammar, Caulfield Grammar and Melbourne Grammar, plus local Caulfield Primary and the many Jewish schools are all within access. In addition there is also a strong medical flavor with Caulfield Hospital a mere 300 metres away.
SUBURB PROFILE: BUY Median House Price
$1,820,000*
Median 2 Bed Unit Price
$ 620,000*
Median 3 Bed Unit Price
$1,050,000*
*REIV
9
PROPERTY PARTICULARS
TITLE PARTICULARS 590-596 Glen Huntly Road, Elsternwick Volume: 04197 Folio: 213 Lot 1 on Title Plan 594801J Volume: 04040 Folio: 888 Lot 1 on Title Plan 576011S
LAND DIMENSIONS AND AREA Glen Huntly Road Frontage: Rear Laneway Frontage: Eastern Boundary: Western Boundary:
18.89 metres* 18.89 metres* 42.67 metres* 42.67 metres*
Total Land Area:
806 square metres*
*Approx
ZONING: Under the city of Glen Eira Planning Scheme the zoning of the land is Commercial 1 – (C1Z).
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EXISTING IMPROVEMENTS First Time offered in over 50 years! The property was bought in 1961 by the current owners. First buying two retail shops and shortly after acquiring the neighboring property with the immediate plan of building their “state of the art” factory. The family produced, manufactured and distributed mens fashion from the premises until 1993. Post this it has been leased to a number of occupiers and provided a solid investment. The buildings have the ability to be separated into a number of individual spaces including street front retail, warehousing and office space. The buildings benefit from amenities across both levels and rear lane access which adjoins a public car park allowing for a significant amount of space for a business receiving deliveries or dispatching goods. Both buildings’ also have roller door access which not only caters for deliveries but provides access into spaces for staff parking. POTENTIAL USES
Should a buyer look to refurbish the existing building it could make for high quality office space suiting a whole floor tenant or strata into multiple tenants. There may also be the ability to add a lift and lightweight 3rd floor.
With substantial nearby parking and close proximity to hospitals the building could become a medical hub suiting GP’s, Allied Health, Imaging or other specialist medical fields.
The significant street frontage and its rear access the building could also suit bulk goods retail or ground floor hospitality. 14
TENANCY DETAILS The property is being sold with a short-term income in place, with the lease expiring on September 30th 2020. Current Rent: $55,000pa +GST ($4,583.33 PCM) Lease Expiry:
30th September 2020
Further Terms:
Nil
Tenancy Arrangement While the owners sought planning permit approval over the property they let all leases expire. In recent times they entered a short term lease over the property. The tenant has subsequent subleased portions of the property to create a ‘co-working’ environment. The tenant has expressed a desire to stay on should the new purchaser desire. This will provide holding income while you plan the next chapter for 590-596 Glen Huntly Road. pire. In recent times they entered a short term lease over the property. The tenant has subsequent subleased portions of the property to create a ‘co-working’ environment. The tenant has expressed a desire to stay on should the new purchaser desire. This will provide holding income while you plan the next chapter for 590-596 Glen Huntly Road.
16
FLOOR PLAN 590-596 Glen Huntly Road, Elsternw ick
The above plan is an artist’s impression only, it includes elements that are for display purposes only and may not be to scale. Landscaping shown is indicative only. Dimensions are approximate. 18
PROJECT DEVELOPMENT SUMMARY The owners have achieved an outstanding mixed use permit over the site that provides some development certainty. Designed by renowned architects Bruce Henderson, the approved permit is for 20 luxury apartments and 3 retail spaces over 5 levels.
Gary Peer and Associates are one of the areas leading and most respected residential agents. They have provided the owners with design and pricing advice during the design process.
“Apartments in the Glen Huntly Road, Elsternwick precinct are selling strongly and we have based pricing for 590-596 Glen Huntly Road on recent sales in the Park Lane project on Riddell Parade and the Yorston Project at 495 Glen Huntly Road plus our intimate knowledge of the area and sales of existing product. We believe the project will sell from $10,000-$12,000psm.� Julian Millman Project Marketing - Gary Peer
PLANNING PERMIT Approved Planning Permit – GE/DP-32624/2019 – June 2019 Construction of a four-storey building consisting of 20 dwellings, basement parking and three ground floor retail spaces. RETAIL TOTALS / AREAS
LEVEL
RETAIL
AREA SQM
TOTAL
Ground
Retail 1
85
85
Retail 2
77
77
Retail 3
77
77
TOTAL
239
APARTMENT TOTALS / AREAS
LEVEL
1B
2B
3B
APARTMENT GFA (SQM)
TERRACE / BALCONY (SQM)
TOTAL GFA (SQM)
Level 1
-
6
-
510.6
189.7
700.3
Level 2
-
6
-
484.5
68.6
553.1
Level 3
-
-
4
480.4
48.0
528.4
Level 4
-
1
3
459.7
63.3
523.0
SUBTOTAL
0
13
7
1935.2
369.6
2304.8
PERCENT
0%
65%
35%
TOTAL
20
RETAIL
239.8
TOTAL NSA
2175.0
SALE METHOD
METHOD OF SALE
TERMS OF SALE
For sale by Expressions of Interest closing on Thursday 2nd July 2020 at 2pm.
10% deposit with settlement in 60-90 days.
INSPECTIONS
CONTRACT OF SALE & VENDORS STATEMENT
Strictly by private appointment with the exclusive agents.
Available on request.
Julian Millman
Phillip Kingston
Liam Rafferty
Jeremy Gruzewski
Project Marketing 0412 713 121 julianm@garypeer.com.au
Director 0414 353 547 phillipk@garypeer.com.au
Senior Sales Executive 0421 886 655 liam@astoncommercial.com.au
Director of Agency 0422 211 021 jeremy@astoncommercial.com.au
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DISCLAIMER This document has been prepared by Aston Commercial Pty Ltd and Gary Peer for advertising and general information only. Aston Commercial Pty Ltd and Gary Peer do not guarantee, warrant or represent that the information contained in this document is correct. Any interested party should undertake their own enquiries as to the accuracy of the information. Aston Commercial Pty Ltd and Gary Peer excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damage arising therefrom. *Approximate
