Teska Carson is marketing a substantial value-add investment with development upside within the sought after inner-eastern suburb of Hawthorn East. The property at 12-16 Camberwell Road for sale by Expressions of Interest closing Thursday, June 10, at 3pm by Teska Carson Luke Bisset and Larry Takis.

Located, near the intersection of Burwood Road, the 12-16 Camberwell Road property comprises a three level, 2420 square metre commercial building on a 1338 square metre site, zoned Commercial 1, with 24 metres street frontage, additional access via Russell Place and Auburn Grove at the rear (including a loading dock) and on-site parking for up to 34 cars. 

The property will be sold subject to a recently renewed five year lease with a five year option to longstanding tenant, Fernwood Fitness, while a significant rent reversion opportunity exists with ground floor tenant Pabs Furniture.

According to marketing agents, Teska Carson’s Luke Bisset and Larry Takis, the property has a current annual income of $415,722 with the potential to earn $550,000 per annum.

Mr Bisset said the site offered a multi-level/height precedent providing enormous upside for a range of development outcomes, subject to planning approval (STPA).

“This is an exceptional opportunity within one of Melbourne’s most sought after inner-eastern suburbs. It offers a range of investment attributes including the location, the secure lease and rental upside, the quality building, excellent exposure, and close proximity to all essential amenities including transport and shopping.

“Additionally the property has great potential as a development option given favourable zoning and height precedents, access from both Camberwell Rd and a rear laneway, and an existing income stream,’’ Mr Bisset said.

Commercial 1 zoning aims to create opportunities for mixed-use centres including retail, office and commercial uses with the potential for higher-density residential growth. 

The property is within close proximity of Auburn Railway Station and benefits from excellent exposure to passing traffic and ample on and off-street parking.

Mr Takis said he expected the property would attract the interest of a broad cross section of buyers including investors, developers and owner-occupiers.

“Properties of this calibre are always highly sought after, primarily because of the thriving inner-eastern location, but also because they offer upside with attractive value-add options.

“Over the past 18 months there has been a significant tightening of vacancy within the city fringe and inner-east driving strong commercial and residential development markets.

“A key part of that tightening has been the continued increase of prime residential developments and the amenity they provide in these markets as Melbourne’s population continues to grow along with the popularity of well-established suburbs like Hawthorn, ‘’ Mr Takis said.

Mr Takis said the property’s key attributes included:

• Strong development and rent reversion upside;
•  Favourable zoning with multi-level precedent;
• Two street access;
• Secure rental income;
• Outstanding existing improvements;
• Sought after Hawthorn East location; and,
•  Excellent street exposure.

To request a copy of the Information Memorandum please contact one of the marketing agents via the contact form below.