A Melbourne CBD hotel, rich in history comes to market

MELBOURNE- 05 May 2022 – A 6,715sqm development site in Hawthorn has come to market with the opportunity for buyers to potentially develop a residential townhouse project, retirement/aged care facility or special-use project, subject to council approvals.

JLL’s Capital Markets team of Jesse Radisich, Nick Peden, Josh Rutman and Mingxuan Li have been exclusively appointed to sell 53A-59 Grove Road, 3 Elgin Street & 8-12 Power Street, Hawthorn, via an Expressions-Of-Interest campaign on behalf of the Uniting Church in Australia.

The Neighbourhood Residential Zoned site benefits from triple street frontages to Power Street, Grove Road and Elgin Street.

The Hawthorn property has come to the market following the formation of the Kew Uniting Church, which is a consolidation of three local congregations being West Hawthorn, Kew East and Joong Ang.

Peter Thomas, Director of Property for the Uniting Church Synod of Victoria and Tasmania said, “All of the congregations in the region had an opportunity to think about the future and to explore their options and they found they were ready for a shared commitment around consolidation of mission and property.”

The property is positioned within easy walking distance to some of Melbourne’s most prestigious secondary schools, including Xavier College, MLC, Ruyton, Trinity Grammar and Carey Grammar.

Mr Radisich said, “This site is firmly entrenched within one of Melbourne’s most distinctive lifestyle locations in Hawthorn, a vibrant precinct underpinned by renowned shopping strips, numerous eateries and elite schools.”

“Due to the proximity of Hawthorn to the Melbourne CBD and the strong transport infrastructure that is driven by a strong workforce and education demographics with some of Melbourne’s best schools, Hawthorn’s median house price is in the top 15 of the state’s strongest median house prices of approximately $2.7 million,” he said.

Mr Peden said, “Melbourne’s strong fundamentals including population, employment and GDP growth are forecast to recover strongly. This coupled with the resounding performance of Victoria’s residential market is resonating with developers who are actively looking to fill their pipelines for the balance of the year so that they can capitalise on the strong demand that exists in the market from owner occupiers and investors.”