85 Riversdale Road, Hawthorn was auctioned by GormanKelly in September 2014 with strong attendance and 3 bidders culminating in an ultimate sale price of $2,075,000.
The sale price reflected a yield of 4.8% based on the passing rent at the time and rates of $8,105/sqm for building area and $5,518/sqm for land.
The commercial property was sold with vacant possession, with the tenant Domus Textiles due to vacate at the end of the month.
The bespoke building was designed by Geraldine Cooper in collaboration with Carr Design about 11 years ago and was formerly occupied by Geraldine Cooper herself, one of the leading importers, distributors, wholesalers and retailers in the Interior Design Industry.
85 Riversdale Road presented a rare opportunity for owner occupiers, commercial real estate investors or developers with potential for development down the track (STCA). To our knowledge, there is no other commercial building within Boroondara or even Stonnington quite like this – its design is well thought out and completely timeless. Buildings like this are definitely hard to come by.
It drew buyers from a diverse range of industries including accounting, architecture, medical, and retail apparel with owner occupiers, investors and developers interested in its immediate use and its potential for development down the track.
Bought by a speculative investor, GormanKelly was then appointed to market the premises for Lease. GormanKelly successfully leased the premises to The Rug Collection at the asking rental of $120,000 net pa, which reflected a final yield of 5.7% for the purchaser.