You may have seen the article published in the AFR last week regarding the Zagame Family's recent purchase of 2 Luton Lane Hawthorn which you can read here.
There is more to this story.
The acquisition of 2 Luton Lane Hawthorn in fact completes Zagame's creation of a significant Hawthorn island super-site of circa 8,000sqm incorporating 3 Guest Street, 5-7 Guest Street and 290-296 Burwood Road.
GormanKelly sold 3 Guest Street to the Zagames mid last year and more recently we* have just sold 5-7 Guest Street for $8.35 million on a yield of 4.3%.
This strategic major land bank move demonstrates confidence in the Hawthorn location which is expected to deliver significant growth.
The high level of enquiry we continue to receive from owner occupiers, investors and developers indicates there is still strong demand in the commercial real estate market from all buyer groups. We anticipate with the recent RBA cash rate decrease this demand is likely to strengthen further.
If you might have an interest in selling your asset we would be pleased to hear from you to discuss further.
*Conjunctional sale with Savills.
Written by Samuel Torrance
A Bachelor of Commerce and a background in finance and hospitality provided Sam the ideal platform from which to launch his career in commercial real estate with GormanKelly.