Ex-Bunnings HQ listed after revamp
Agent turned investor Anthony Wilson has listed another asset, this time in Hawthorn East’s commercial precinct.
About $30 million is expected for the office at 16-18 Cato Street, which the executive’s Terraplex bought for $24.7m seven years ago.
Until 2021, the three level building with 3215 square metres of lettable area, two terraces and 167 car parks, was occupied by Bunnings, which consolidated from several local offices to Burnley.
It has recently been offered for lease, branded CATO, following a Wellard Architects redesign and refurbishment – all up costing $5.2m – which has upgraded the office quality to Premium, the best available, followed by Prime then A-grade.
The site spreads 2269 sqm.
The listing comes seven weeks since Mr Wilson subdivided and sold down the final piece of South Melbourne’s Emerald Hill complex reaping $33.9m, a rise on the $27.5m he paid via Terraplex and Podco, in 2015.
Stonebridge’s Nic Hage, Rorey James and Sarah Xi were the agents (story continues below).
Hub of activity
This pocket of Hawthorn East is also near the Tooronga and Toorak suburb border.
Two months ago, United Petroleum founders Eddie Hirsch and Avi Silver paid $17m for a two storey office also recently vacated by Bunnings in the area, 461-465 Auburn Road, at the north east corner of Toorak. Not long earlier that pair purchased the neighbouring 7-Eleven, giving them a c5140 sqm amalgamation.
Up the street meanwhile, Hamton this year won approval to replace a former University of Melbourne campus at 442 Auburn Rd, Hawthorn, with apartments.
In a surprise off-market deal – it was expected the school would offer the site publicly – that developer agreed to pay c$50m for the 1.68 hectare block last August. Colliers’ Alex Browne, Rob Joyes and Ben Baines are marketing 16-18 Cato St.
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