A Piece of Punt Road History Set for New Chapter
A piece of Punt Road history is set for a new chapter after Melbourne Girls Grammar acquired the Domain Hill site home to the Glenhope mansion.

Fitzroys’ David Bourke and Chris James sold 466 Punt Road, South Yarra for more than $7 million via Expressions of Interest on behalf of long-term owner-occupier Millswyn Clinic. Currently, the substantial 1880s grand Victorian building is used for medical and consulting rooms. It is on a 1,777sqm site zoned Residential Growth and was offered with a short-term lease expiring December 2022.

Bourke said the market responded accordingly to the huge potential of the site, with the very competitive campaign generating more than 100 enquiries and 8 offers put forward.

Melbourne Girls Grammar will use the property as overflow space. The P-12 school’s campus neighbours the close-by Royal Botanic Gardens.

“There’s an acquisition overlay on the property but that clearly had no bearing on the enquiry or the result. The property offered huge potential and the demand drivers in the area created a prime environment for a range of outcomes, including being repurposed for education, medical or childcare, boutique residential accommodation or for redevelopment,” Bourke said.

“There’s a fast-growing demand from young families moving to the area for education, medical and childcare services. South Yarra, and in particular the nearby Forest Hill precinct, is undergoing a transformative period that is bringing new residential, retail, office and hospitality offerings.

“We had a number of owner-occupiers looking to utilise the existing Glenhope Mansion as-is. Character buildings provide a point of difference for businesses and historic inner-Melbourne buildings such as this are very tightly held.

“Developers noted that inner suburban locations with high-quality hospitality and lifestyle amenity are hugely popular at a time of flexible working arrangements. South Yarra sites of this size and potential are incredibly rare.”

James said South Yarra is being regenerated as a commercial and lifestyle destination in its own right.

“The property is close to all of South Yarra’s fantastic amenities, including the Royal Botanic Gardens, Fawkner Park, the Toorak Road restaurant and lifestyle precinct and Forrest Hill,” he said.

“The prestigious Domain Hill precinct is also within walking distance to the Yarra River, Melbourne Cricket Ground and Yarra Park, and is moments from the Melbourne CBD and St Kilda Road office precinct.”

Glenhope was built in 1887 by Robert Paxton, and held within the Paxton family until it was bought by the Warsaw Jewish Committee in 1951 for £17,200, and housed Polish refugees arriving from Europe. A financial sharing and occupancy agreement was made with the Australian Jewish Welfare and Relief Society (AJWRS) and ownership and occupancy was transferred to the AJWRS in 1958. The building served the society as its headquarters until 1992.

Chapel Street NAB Branch Building Fetched $16.2m
The long-term NAB branch building on the corner of Chapel Street and Toorak Road has sold to a local private investor for $16.2 million.

NAB has been at 600 Chapel Street for more than 70 years and recently signed a new 5+3+3-year lease following a $1.5 million refurbishment. The 521sqm building on a 373sqm site sold on a 2.53% yield.

Former Aged Care Property Sells for $14.7m
An Alphington aged care facility site formerly run by Chronos Aged Care has sold for $14.7 million and is likely to be redevelopment.

The 7,027sqm site includes the facility at 9-11 Old Heidelberg Road, and 2 older-style vacant houses at 13 and 15 Old Heidelberg Road.

A caveat was lodged for the site by Perpetual Nominees.