Neighbours join together for extra millions in Hawthorn East
Three Hawthorn East neighbours have joined forces in hopes of earning a few million extra through their teamwork.
The trio of homeowners have put their properties at 362-366 Tooronga Road for sale under one listing targeted at commercial investors.
The group have $10-$11m price hopes for the combined 2508sq m block, a far cry from the suburb’s typical $2.15m median house price, according to realestate.com.au.
RT Edgar Manningham’s Alan Wang estimated each individual property would be worth between $2.5-$2.7m — meaning they could each bank an extra seven-figure sum in this sale.
CoreLogic records reveal No. 362 last sold for just $77,900 back in 1983, while the Edwardian property at 366 notched a $1.62m sale in 2014.
The agent said it was the first time No. 364 – the centre house – had been offered since it was built, having remained in the same family for “about 100 years”.
Mr Wang said the listing came about when the neighbours noticed a ‘for sale’ sign outside one of the properties.
“It was initially just No. 366 who was going to sell, but after (one of them) saw the board they had a chat to the other neighbours and realised they were all thinking of selling,” Mr Wang said.
“They knew it was an opportunity to band together and use the market (conditions) to sell to a commercial investor.”
One of the vendors was selling up to move to Queensland, joined by a couple who decided the time was right to downsize from their period home after three decades.
“With the Toorang Village right nearby, it’s in a prime commercial position,” Mr Wang said. “There’s a dentist practice next door and opposite the street there’s a lot of businesses and commercial property there too.”
Mr Wang said the block was zoned Neighbourhood Residential Zone 3, which allowed buyers to consolidate the land as a new commercial building but didn’t permit for further subdivision.
“It’s more of a commercial opportunity as the zoning doesn’t allow for the development of five or six townhouses,” he added.
He said the location could lend itself to a childcare facility, medical office, community centre, or even a restaurant, subject to council approval.
The listing also noted the block could become “an immense residential estate providing swimming pool and tennis court recreation, enriched by immediate access to Melbourne’s most revered public and private education”.
The site is for private sale.