160 – 162A ELGAR ROAD, BOX HILL SOUTH
FOR SALE VIA EXPRESSIONS OF INTEREST THURSDAY 2ND OF APRIL 2020 AT 3PM.
2
160 – 162A ELGAR ROAD, BOX HILL SOUTH
CONTENTS 04. INTRODUCTION 06. EXECUTIVE SUMMARY 08. LOCATION 12. THE EDUCATIONAL HOTSPOT 14. PROPERTY PARTICULARS 16. ZONING & TENANCY DETAILS 18. THE FUTURE TO DEVELOP IS BRIGHT 20. COMPARABLE SALES 21. APPENDICES I – FLOOR PLAN 22. SALE METHOD
INFORMATION MEMORANDUM
3
INTRODUCTION
ASTON COMMERCIAL ARE PLEASED TO BRING TO THE MARKET 160 – 162A ELGAR ROAD, BOX HILL SOUTH FOR SALE VIA EXPRESSIONS OF INTEREST (EOI) CLOSING THURSDAY 2ND OF APRIL 2020 AT 3PM. 160–162a Elgar Road, Box Hill South is situated within the boutique Wattle Park Shopping Village. A precinct known for tree lined streets, beautiful local parks, Universities and local schools. The offering is ideally split over two titles and fully let to two tenants as follows: • Wattle Park Cellars – Local family run business operating from the premise for over 25 years. • 1-Bedroom Apartment – Well-presented apartment leased to a long-standing tenant with separate access from the rear lane. Ideally presented on a 377m2* allotment of land with over 16 metres* of prime Elgar Road frontage, this property provides opportunity to potentially develop the site in the
*approx.
4
160 – 162A ELGAR ROAD, BOX HILL SOUTH
future or significantly value add and increase the rental income. Positioned in a blue-chip location with dual income streams this provides purchasers with flexibility to have as a long-term holding investment or provide the opportunity to part owner occupy in the future. Aston Commercial highly recommends this property for your property portfolio. Asset Highlights: • Combined Income Returning $67,530.92 per annum • Exceptional Main Street Frontage of over 16 metres* • Prime Commercial 1 Zoning (C1Z) Land with Future Development Potential (STCA) • Rear Access Via ROW Lane Providing Two Frontages • Perfect Landbank Property in Growth Corridor • Two Long Standing Tenants – 30 Plus Years Combined
EXECUTIVE SUMMARY PROPERTY:
LOCATION:
160 – 162a Elgar Road Box Hill South VIC 3128
Boutique Wattle Park Shopping Precinct aloft the Elgar Road and Riversdale Road junction
LAND AREA:
DESCRIPTION: Attractive dual title offering with two income streams returning $67,530.92 per annum
BUILDING AREA:
m
2
253m
m2
METHOD OF SALE: Expressions of Interest Campaign Closing Thursday 2nd April 2020 at 3pm
2*
TERMS OF SALE:
377m2*
ZONING & PLANNING:
10% Deposit with settlement offered in 60 days
Commercial 1 Zoning (C1Z)
*approx
EXCLUSIVE SELLING AGENTS
6
Max Warren Sales Executive 0488 296 892
Liam Rafferty Senior Sales Executive 0421 886 655
Max@astoncommercial.com.au
Liam@astoncommercial.com.au
160 – 162A ELGAR ROAD, BOX HILL SOUTH
INFORMATION MEMORANDUM
7
LOCATION
BOX HILL SOUTH – 3128 BOX HILL SOUTH IS IDEALLY LOCATED APPROXIMATELY 13 KMS FROM THE MELBOURNE CENTRAL BUSINESS DISTRICT IN THE LEAFY EASTERN SUBURBS. Wedged between the equally desirable suburbs of Box Hill, Surrey Hills and Burwood, Box Hill South has found its feet as a quiet neighbourhood attractive for families and young independents due to local amenity and the central location. Within Box Hill South lies the Wattle Park Shopping Village and the location of the subject offering. Nicely elevated above the major arterial junctions of both Riversdale & Elgar Roads ideally located a stone’s throw from all major amenities including the beautiful trails through Wattle Park and the commencement of the no. 70 Tram to Flinders Street, Melbourne.
EL GA
R
Among the parklands, transport hubs & boutique businesses, is the thriving education mecca Deakin University host to approximately 26,000 students and 1,500 staff* providing stability that the area will continue to grow with both local and international attention. With such close proximity to Box Hill, now commonly referred to as Melbourne’s second City and the reputation as an education hotspot, Box Hill South continues to flourish and rightfully demand attention.
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160 – 162A ELGAR ROAD, BOX HILL SOUTH
(*Source – Deakin.com.au)
RO AD
BOX HILL
ELGAR ROAD
EAFY CENTRAL L HOTSPOT WITH NEIGHBOURLY UNDERTONES
RIVERSDALE
ROAD
INFORMATION MEMORANDUM
9
LOCATION
10 160 – 162A ELGAR ROAD, BOX HILL SOUTH
INFORMATION MEMORANDUM 11
THE EDUCATION HOTSPOT: DEAKIN UNIVERSITY BURWOOD CAMPUS
OUR LADY’S PRIMARY SCHOOL
KINGSWOOD COLLEGE MOUNT SCOPUS MEMORIAL COLLEGE
WATTLE PARK
E
R A LG
12 160 – 162A ELGAR ROAD, BOX HILL SOUTH
D ROA
LE
PRESBYTERIAN LADIES’ COLLEGE
RIVERSDA
SURREY HILLS BAPTIST CHILDREN'S CENTRE
750 M 850 M 1 KM 1.6 KM 1.6 KM 2.0 KM
CBD
ROAD
RIV
ELGAR ROAD
ERS E DAL ROA
INFORMATION MEMORANDUM 13
D
PROPERTY PARTICULARS TITLE PARTICULARS 160-162 Elgar Road Volume: 08418 Folio: 904 Lot 4 on Plan of Subdivision 023443 162a Elgar Road Volume: 08866 Folio: 550 Lot 5 on Plan of Subdivision 023443
LAND DIMENSIONS AND AREA Elgar Road Frontage Rear Lane Frontage Northern Boundary Southern Boundary
16.38 metres* 10.89 metres* 28.15 metres* 28.04 metres*
Total Land Area:
377m2*
ZONING: Commercial 1 Zoning To create vibrant mixed-use commercial centres for retail, office, business, entertainment and community uses. To provide for residential uses at densities complementary to the role and scale of the commercial centre.
Planning: DDO4 - Design And Development Overlay - Schedule 4 Preferred maximum height 14.5m (4 storeys) – subject to council approval
*approx
14 160 – 162A ELGAR ROAD, BOX HILL SOUTH
*
10 .8 9m
*
4m .0 28
377m
2*
*
m .15 28
*
m 8 .3 6 1
ELGAR ROAD
INFORMATION MEMORANDUM 15
162 ELGAR RD A
ZONING & TENANCY DETAILS The property is being sold subject to a lease summarised as follows: Trading As
Current Rent PA
Current Term
Lease Commencement
Lease Expiry
Wattle Park Cellars
$52,450.92
5 years
01/07/2016
30/06/2021 3%
Paid By Tenant
Residential Tenant
$15,080.00
12 months
21/12/2019
20/12/2020 Nil
Included in Rent
TOTAL
$67,530.92
16 160 – 162A ELGAR ROAD, BOX HILL SOUTH
Annual Increases
Outgoings
160 ELGAR RD Wattle Park Cellars This local institution has been trading from the premise for over 25 years and is truly imbedded into the community and epitomises this boutique shopping location. Originally residing purely in 162 Elgar Road, Wattle Park Cellars began to gain momentum within the precinct and with the businesses growing as a result, so did their presence on the strip. Acquiring the neighbouring title
160 Elgar Road under their Wattle Park Cellar name and completing ultimately what is on offer to purchase. Nowadays, the bottle shop continues to do what it does best, servicing the neighbourhood with the best local and international wines, beers and spirits as one of the few thriving independent bottle shops.
INFORMATION MEMORANDUM 17
THE FUTURE TO DEVELOP IS BRIGHT: THE LIFESTYLES AND PEOPLE OF BOX HILL SOUTH
ESTABLISHED COUPLES & FAMILIES
OLDER COUPLES & FAMILIES
INDEPENDENT YOUTH
29.0%
15.0%
23.0%
WITH AN EXTREMELY ATTRACTIVE 377M2* ENVELOPE OF LAND, THE 16.38 METRES* OF PRIME FRONTAGE UPON COMMERCIAL 1 ZONED LAND, COMBINING THIS WITH THE DUAL ACCESS FROM BOTH ELGAR ROAD AND THE ROW REAR LANE THE POTENTIAL TO UNLOCK THIS SITE CANNOT BE IGNORED. The suburb of Box Hill South has an attractive medium house price of $1,154,000 and medium unit price of $700,000+ which boosts the argument that in years to come, the future of this site may be its underlying land value. The flexibility of the zoning and the pre-existing Design and Development overlay (DD04) allows for an exceptional multi-level mixed use development (STCA).
+ Source realestate.com / *approx.
18 160 – 162A ELGAR ROAD, BOX HILL SOUTH
With the area craving for some further high density living to service the local demographic (primarily establish families & independent youth), local and international student accommodation and the uninterrupted view of the very best of Box Hill South, the option to develop is worth serious consideration.
STCA
4 3 2 1
INFORMATION MEMORANDUM 19
COMPARABLE SALES
Land Area (m2 )
Land Building Building Rate Area Rate ($/psm) (m2) ($/psm) Yield
Address
Sale Sale Date Price
1121 Riversdale Road,
Dec 2019
$810,000
189
$4,285
170
$4,765
4.4%
Oct 2019
$1,115,000
344
$3,241
191
$5,813
3.8%
Apr 2019
$860,000
210
$4,095
160
$5,371
4.1%
Dec 2018
$1,250,000
316
$3,955
160
$7,812
VP
May 2018
$1,112,500
252
$4,414
180
$6,180
VP
Surrey Hills
1103-1105 Riversdale Road, Surrey Hills
1117 Riversdale Road, Surrey Hills
1107 Riversdale Road, Surrey Hills
922 Riversdale Road, Surrey Hills
20 160 – 162A ELGAR ROAD, BOX HILL SOUTH
APPENDICES I FLOOR PLAN
INFORMATION MEMORANDUM 21
SALE METHOD
METHOD OF SALE
Expressions of Interest Campaign Closing Thursday 2nd of April 2020 at 3pm
TERMS OF SALE
10% Deposit with settlement offered in 60 days.
INSPECTIONS
Available at scheduled times
EXCLUSIVE SELLING AGENTS Max Warren Sales Executive 0488 296 892
Liam Rafferty Senior Sales Executive 0421 886 655
Max@astoncommercial.com.au
Liam@astoncommercial.com.au
22 160 – 162A ELGAR ROAD, BOX HILL SOUTH
INFORMATION MEMORANDUM 23
DISCLAIMER This document has been prepared by Aston Commercial Pty Ltd for advertising and general information only. Aston Commercial Pty Ltd 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 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
