37 Hope Street, South Yarra by ASTON

37 Hope

Street S O U T H YA R R A

In one of the most desirable and tightly held pockets of real estate in Melbourne

37 Hope

Street S O U T H YA R R A

3 7 H O P E S T, S O U T H YA R R A

An address of distinction

0 6 I N T R O D U CT I O N

0 8 E X E C U T I V E

S U M M A RY

10 P R O P E RT Y

F E AT U R E S

1 2 L O C AT I O N

24 T E N A N CY

D E TA I L S

26 P R O P E RT Y

PA RT I C U L A RS 28

D E V E LO P M E N T

P OT E N T I A L

3 4 SA L E

M E T H O D

An opportunity you can’t miss Income with unprecedented upside Truly a once in a lifetime opportunity A location & property you can only hope to own

3 7 H O P E S T, S O U T H YA R R A

A S TO N C O M M ER C I A L A R E P L E A S ED TO O F F ER 3 7 H O P E S T R EE T, S O U T H YA R R A FO R S A L E BY AU C T I O N O N T H U R S DAY 6 T H M AY AT 1 2 P M O N S I T E .

Positioned in the heart of South Yarra’s Domain Botanical precinct nestled between Fawkner Park and The Botanical Gardens is this 1970’s classic three storey block of seventeen apartments. This is a unique opportunity to secure a significant land holding in one of Melbourne’s most tightly held exclusive locations with holding income and unprecedented upside. Aston Commercial highly recommends this premium property for your serious consideration.

Executive Summary

PROPERTY

L O C AT I O N

37 Hope St South Yarra

Located in the heart of South Yarra’s most prestigious and sought-after pockets.

DESCRIPTION

L e a s e D e ta i l s

Three storey block of seventeen apartments with strong holding income

Rent: $213,732 p/a Various residential leases of up to 12 months

AREAS

ZONE

Building Area: 16 studio and one 1 bedroom apartments with five on-site car spaces. Land Area: 462 sqm*, with significant 15.2 m frontage.

Neighbourhood Residential (NRZ1) with Planning overlay DDO15 & 15A and H06

METHOD OF SALE

TERMS OF SALE

For Sale by auction on Thursday 6th May 2021 at 12pm

10% deposit with settlement in 60-90 days

3 7 H O P E S T, S O U T H YA R R A

Exclusive Selling Agents

Jeremy Gruzewski

0422 211 021 jeremy@astoncommercial.com.au

Fred Nucara

0418 567 560 fred@astoncommercial.com.au

Rodney King

0422 839 870 rodney@astoncommercial.com.au

Property Features 37 Hope St South Yarra is a stunning example of a classic 1970’s block of apartments designed by renowned architect Sol Sapir. The property consists of 16 studio apartments and one, 1 bedroom apartment with an approximate frontage of 15.24m and a depth of 30.48m providing a total land area of 464.52 sqm*. A full refurbishment and renovation was completed in 1999. F E AT U R E S

16 x studio apartments 1 x one bedroom apartment 5 x off street car spaces Land Area: 464.52sqm Frontage: 15.24 metres Flexible Neighbourhood Residential (NRZ1) Zoning Significant upside with potential for (STCA): Multi-level luxury apartment development Substantial residential home Renovate & refurbish existing properties

3 7 H O P E S T, S O U T H YA R R A

37 Hope

Street S O U T H YA R R A

3 7 H O P E S T, S O U T H YA R R A

Life in South Yarra can be a lush affair, and definitely one that can be tuned to fit your demographic. Chapel Street bustles with boutique browsers and a booming nightlife, while Toorak Road is a more classic, restrained strip of high-end stores and restaurants whilst Domain Road is a quiet enclave of park side cafes and exclusive dining establishments. Movie lovers can go blockbuster at the Jam Factory or independent at the small, lavish Como Cinema.

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In real estate they say location is everything!

37 Hope

Street S O U T H YA R R A

3 7 H O P E S T, S O U T H YA R R A

37 Hope

Street S O U T H YA R R A

3 7 H O P E S T, S O U T H YA R R A

With boutique shopping, fine dining, lively cafes and magnificent parks, South Yarra embodies luxurious inner-city living, centred around Toorak Road, the original beating heart of the area, and Chapel Street. You’ll see heritage mansions sitting pretty alongside opulent new apartments in this hilly, tree-lined riverside suburb. South Yarra’s streets are lush and leafy and its architecture can be nothing short of dazzling.

R OYA L B O TA N I C A L G A R D E N S

37 Hope

Street HOPE STREE T

S O U T H YA R R A

FAWKNER PARK

Known as the Domain Botanical precinct, this area benefits from outstanding amenities. The tranquil and beautiful Botanical Gardens and “Tan” track, the village atmosphere of the Domain Road shops and, yet striking distance to the CBD, Chapel Street and South Melbourne. South Yarra is the best of many worlds – inner city yet spacious with expansive parks and leafy streets. R E TA I L

Toorak Road, South Yarra is a wellestablished and recognised local retail precinct anchored by major retailers, independent operators and quality food and beverage establishments. • Toorak Road – 100m • Domain road – 290m DOMAIN ROAD

• Chapel Street – 1.5km • Jam Factory – 1.6km • Como centre – 1.5km TRANSPORT

With trams at either end of the street and the soon to be completed Domain Junction train station, you have one of the most well connected suburbs of Melbourne. • Trams along Toorak Road & Domain Road • Domain Junction Train Station (coming soon) • South Yarra Train Station – 1km • M1 Monash Freeway – 1.25km E D U C AT I O N

This location is well established with globally recognised education facilities. • Melbourne High School – 1.25km • Melbourne Girls Grammar – 800m • Melbourne Boys Grammar – 480m • South Yarra Primary – 700m THE OUTDOORS

TOORAK ROAD

• Fawkner Park – 120m • Royal Botanical Gardens – 300m • Yarra River – 1km • Albert Park Lake & Golf Course – 1km

Prestige and position on the banks of the Yarra, it’s easy to see why any real estate in this location is so hotly contested.

3 7 H O P E S T, S O U T H YA R R A

Known as the Domain Botanical precinct, this area benefits from outstanding amenities. The tranquil and beautiful Botanical gardens and “Tan” track, the village atmosphere of the Domain Road shops and yet striking distance to the CBD, Chapel Street and South Melbourne. South Yarra is the best of many worlds – inner city yet spacious with expansive parks and leafy streets.

Tenancy Details

The seventeen flats are leased to individual residential tenants with currently 3 being vacant. All outgoings are paid by the landlord. Historically the units have leased well and always at near or close to 100% occupancy.

Unit No.

Status

Current Rent (Monthly)

Rent Per Annum

Lease Strat

Lease Expiry

Lease Terms

Vacant

$1,127

$13,524

29/6/19

28/6/20

Leased

$1,084

$13,008

26/5/18

25/5/19

Month by month

Leased

$1,019

$12,228

1/12/14

30/11/15

Month by month

Leased

$997

$11,964

17/9/15

16/9/17

Month by month

Leased

$954

$11,448

11/12/20

10/6/21

Month by month

Leased

$1,084

$13,008

13/1/18

12/1/21

Month by month

Leased

$1,084

$13,008

4/8/16

3/8/17

Month by month

Leased

$900

$10,800

5/2/21

4/1/22

Month by month

Vacant

$1,127

$13,524

5/3/20

4/3/21

Leased

$954

$11,448

7/12/20

6/12/21

Month by month

Leased

$1,300

$15,600

16/4/18

15/4/19

Month by month

Leased

$975

$11,700

5/11/99

4/6/11

Month by month

Leased

$997

$11,964

6/5/15

5/5/16

Month by month

Leased

$1,022

$12,264

14/9/20

Month by month

Vacant

$1,019

$12,228

8/9/18

7/8/19

Leased

$1,084

$13,008

4/11/13

3/11/13

Month by month

Leased

$1,084

$13,008

7/5/16

6/5/19

Month by month

$17,811

$213,732

Total (1-17)

Fully Leased income $213,732

3 7 H O P E S T, S O U T H YA R R A

OUTGOINGS

AMOUNT

Council Rates

$8,036

Water Rates

$6,000

Land Tax

$27,450

Insurance

$9,300

Gardening/Maintenance Management Fees TOTAL

Fully Leased Income

$5,100 $14,000 $69,886

$213,732

Less Outgoings

-$69,886

TOTAL Potential Fully Leased Income PA

$143,846

37 Hope

Street S O U T H YA R R A

464.52 SQM

15.24 M

30.48 M

15.24 M

3 7 H O P E S T, S O U T H YA R R A

Property Particulars

TITLE PARTICUL ARS

Volume: 4865 Folio: 805

LAND DIMENSIONS & AREA

Frontage: 15.24 metres* Depth: 30.48 metres* Total Land Area: 464.52 sqm* (*approx.)

ZONING

Neighbourhood Residential Zone – Schedule 1- NRZ1

P L A N N I N G O V E R L AY S

DDO15 - Design And Development Overlay - Schedule 15 DDO15-A1 - Design And Development Overlay - Schedule 15 (Area 1) HO6 - Heritage Overlay (Ho6)

Development Potential Over the journey of a property’s life, buildings depreciate and land appreciates! While 37 Hope Street provides good and solid income, the value of land and its potential for a new development could outweigh the investment value. Offerings in this location are rare. Add to this a frontage supportive of development and you have a once in a lifetime opportunity. A new home or luxury apartments are all possibilities. No planning permits have been applied for, but the owners have sought and obtained development feasibilities to show the potential of the site. Highly regarded architects Cera Stribley have completed a massing scheme to show the potential.

3D Massing

Cera Stribley, Studio 5/249 Chapel St, Prahran, VIC 3181 cs-a.com.au

Artist Impression of massing scheme

37 HOPE STREET, SOUTH YARRA FEASIBILITY STUDY APRIL 2021

Cera Stribley Pty. Ltd. ABN 29 350 585 700 www.cs-a.com.au

Address Studio 5, 249 Chapel St Prahran VIC AUS 3181

Contact +61 3 9533 2582 info@cs-a.com.au

3 7 H O P E S T, S O U T H YA R R A

3 Level Apartment Building Project Summary - Areas LEVEL

SERVICES / STAIR (M2)

LOBBY

PARKING / COMMON

APARTMENT NSA (M2)

TERRACE / P.O.S (M2)

TOTAL GFA (M2) EX BALC

NETT-GROSS EFFICIENCY

Basement

29.0

301.0

330.0

Ground

15.0

238.0

105.0

268.0

88.81%

Level 1

5.0

263.0

268.0

98.13%

Level 2

5.0

178.0

85.0

183.0

97.27%

Roof

56.0

102.0

SUBTOTAL

110.0

15.0

301.0

679.0

292.0

1049.0

94.7%

A Luxury Home Project Summary - Areas LEVEL

PARKING

INTERNAL AREA (M2)

TERRACE / P.O.S (M2)

Basement

135.0

108.0

Ground

275.0

118.0

Level 1

254.0

Level 2

153.0

56.0

Roof

77.0

SUBTOTAL

135.0

790.0

251.0

A full copy of the schemes can be provided upon request.

Sample product of development - Artist Impression

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Impressive architecture for a prestigious address.

Above images are a sample product of development - Artist Impression’s

3 7 H O P E S T, S O U T H YA R R A

37 Hope Street, South Yarra provides the purchaser with the ultimate blank canvas to design the residence of your dreams. The address is suited to highend residential. A luxury home, townhouses, or apartments; the choice is yours.

Sale Method

METHOD OF SALE

For Sale by auction Thursday 6th May at 12pm on site. TERMS OF SALE

10% deposit with settlement in 30-60 days. INSPECTIONS

Strictly by appointment with the exclusive selling agents. CONTRACT OF SALE & V E N D O R S S TAT E M E N T

Available upon request.

Sample product of development - Artist Impression

Exclusive Selling Agents

Jeremy Gruzewski

0422 211 021 jeremy@astoncommercial.com.au

Fred Nucara

0418 567 560 fred@astoncommercial.com.au

Rodney King

0422 839 870 rodney@astoncommercial.com.au

Sample product of development - Artists Impression

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