176 -180
KANGAROO ROAD Hughesdale
FOR PRIVATE SALE
CONTENTS
04
INTRODUCTION
06
EXECUTIVE SUMMARY
10
LOCATION
14
PROPERTY PARTICULARS
15
SUBURB PROFILE
18
TENANCY DETAILS
20
MARKET SALES ACTIVITY
22
SALE METHOD
3
INTRODUCTION Aston Commercial are pleased to offer 176-180 Kangaroo Road, Hughesdale for private sale.
This substantial site of 1,533 sqm* on the corner of Bowen Street, is situated between Poath Rd and Warrigal Rd in the premium suburb of Hughesdale. The offering lends itself to several potential development outcomes including Child Care, Aged Care, Medical/Allied Health, townhouse site or multi-level residential development (STCA). This is an outstanding opportunity to secure a significant land holding within one of Melbourne’s established inner suburbs. Hughesdale is positioned in a sought-after location nestled between Murrumbeena and Oakleigh and only moments from the world-famous Chadstone Shopping Centre. Offering developers, owner occupiers and astute property people a multitude of options to develop the site and capitalise on the strong underlying local market. Aston Commercial believes there is enormous upside to this site and encourages your serious consideration.
4
EXECUTIVE SUMMARY
176 -180
KANGAROO ROAD Hughesdale
Prime corner site with significant development upside (STCA). The location benefits from an exceptional position with unrivalled retail and transport amenity.
LEASE DETAILS
LAND AREA
Currently leased to Nalsmith Pty Ltd trading as Krooz Automotive Income: $60,770 pa plus GST
1,533 sqm*
BUILDING AREA
ZONING
350 sqm*
General Residential Zone - Schedule 3 (GRZ-3)
METHOD OF SALE
TERMS OF SALE
For Private Sale
10% Deposit with the balance in 30 – 120 days *approx.
EXCLUSIVE SELLING AGENTS
6
Rodney King
Jeremy Gruzewski
Director of Agency 0422 839 870 rodney@astoncommercial.com.au
Executive Director 0422 211 021 jeremy@astoncommercial.com.au
Short term holding income from existing tenant.
L O C AT I O N 176-180 Kangaroo Road, Hughesdale is on the corner of Bowen Street situated 12.8km* south east of the Melbourne CBD. The property is surrounded by an abundance of retail and lifestyle amenity. The site is also well connected to public transport, arterial networks and within easy access to multiple schools and university campuses.
Retail Oakleigh Centro with Coles, Woolworths 500m Oakleigh’s Famous Eaton Mall 550m Oasis on North Road 1.2km Chadstone Shopping Centre 1.3km Murrumbeena Shopping village 1.7km Koornang Road Carnegie Retail Strip 2.6km Monash Medical Centre 3.8km
Education Monash University Caulfield 4.1km Monash University Clayton 4.1km Holmesglen 1.8km Sacred Heart Girls College 200m Oakleigh Grammar 450m Hughesdale Primary School 750m
Parks & Recreation Duncan McKinnon Reserve 1.6km Murrumbeena Park 850km Packer Park 1.8km The Metropolitan Golf Course 1.25km Huntingdale Golf Course 1.8km GESAC 2.6km Urban Forrest Reserve 1.4km Oakleigh Recreation Centre 1.4km
Transport Oakleigh Train Station & Bus Interchange 400m Hughesdale Train Station 900m Warrigal Road 300m Dandenong Road 900m Monash Freeway 1.9km 10
P R O P E R T Y PA R T I C U L A R S
DESCRIPTION
LAND DIMENSIONS AND AREA
Erected on the property is a brick building used as a mechanical workshop.
Kangaroo Road Frontage
30.48 metres*
Bowen Street Frontage
50.29 metres*
Total Land Area:
1,533 sqm*
There is a large reception/waiting area, kitchen and toilet facilities. The workshop is accessible via multiple roller doors. The site benefits from numerous crossovers allowing for a number of entry/exit options. There are separate sheds and undercover areas on the site. The main building’s roof was replaced around 2014.
TITLE PARTICULARS
Volume 07791 Folio 056 Lot 1 on Title Plan 449579U
14
*approx.
ZONING
General Residential Zone – Schedule 3 GRZ-3 under the city of Monash planning scheme.
SUBURB PROFILE
Hughesdale Median House Price Median Unit Price
$1,620,500 $752,500
Murrumbeena Median House Price Median Unit Price
$1,648,000 $566,250
Oakleigh Median House Price Median Unit Price
$1,405,000 $636,000
Source: realestate.com.au 1/2/2022
15
T E N A N C Y D E TA I L S Krooz Automotive (previously known as Poath Road Automotive) has been operating since 2004. During that time we have been providing great automotive service and value to the Hughesdale/ Oakleigh area. www.kroozautomotive.com.au
18
The property is being sold subject to a lease summarised as follows: Tenant Business Name
NALSMITH PTY LTD Trading As KROOZ AUTOMOTIVE
Rent
$60,770 pa plus GST & outgoings
Lease Term
Three (3) years commencing 1st March 2019
Further Term
Three (3) further terms of Three (3) years each
Rent Reviews
Annual 3% increases
Outgoings
All statutory outgoings are paid by the tenant.
The lease includes a “Right To Terminate” Clause which can be activated with 60 days written notice. 19
RECENT MARKET ACTIVITY
1192-1200 Dandenong ROAd, Murrumbeena Date:
1/11/2021
Sale price:
$3,300,000
Zoning:
C2Z
Land area:
1,292 sqm*
Land rate:
$2,554
1072-1074 Glen Huntly ROAd, Glenhuntly
20
Date:
1/10/2021
Sale price:
$2,000,000
Zoning:
GRZ
Land area:
525 sqm*
Land rate:
$3,809
1304 Glen Huntly ROAd, Glenhuntly Date:
1/10/2021
Sale price:
$1,980,000
Zoning:
GRZ2
Land area:
759 sqm*
Land rate:
$2,608
220-224 Waverley ROAd, East Malvern Date:
1/12/2021
Sale price:
$2,500,000
Zoning:
GRZ-7
Land area:
698 sqm*
Land rate:
$3,581
21
SALE METHOD
176 -180
KANGAROO ROAD Hughesdale METHOD OF SALE
TERMS OF SALE
For Private Sale
10% Deposit with the balance in 30 – 120 days
INSPECTIONS
CONTRACT OF SALE & VENDORS STATEMENT
Strictly By Appointment with the exclusive selling agents
Available upon request
VENDORS SOLICITOR KPA Conveyancing Pty Ltd
EXCLUSIVE SELLING AGENTS
22
Rodney King
Jeremy Gruzewski
Director of Agency 0422 839 870 rodney@astoncommercial.com.au
Executive Director 0422 211 021 jeremy@astoncommercial.com.au
DISCLAIMER “Materials” refers to any representations, statements, documents, data, statistics, measurements, estimates, figures, calculations, projections, approximates or otherwise stated by Aston Commercial Pty Ltd whether verbally or in writing. The Materials have been collated to assist potential purchasers for advertising and general information only to assist potential purchasers to decide whether to proceed with further investigation in relation to the property or the land. The Materials provided by Aston Commercial does not constitute any offer or contract of sale and is not to be relied upon prior to signing any relevant contract. Any dimensions or measurements of the property or the land (internal and external) are approximates only and should not be relied upon before signing any contract. The potential purchaser must conduct investigations to satisfy themselves that any Materials provided are accurate. Aston Commercial excludes unequivocally all inferred or implied terms, conditions and warranties arising out of the Materials and excludes all liability for loss and damage arising therefrom. *Approximate
