A piece of Punt Road history is expected to attract investors, owner-occupiers and developers, with the Domain Hill site home to the Glenhope mansion hitting the market.
Expectations are of circa $5.5 million.
Currently, the substantial 1880s grand Victorian building is home to Millswyn Clinic and is used for medical and consulting rooms. It is on a 1,777sqm site zoned Residential Growth.
It is being offered with a short-term lease expiring December 2022.
“There’s so much potential for this site,” Bourke said.
“There’s enormous scope to repurpose the property for a range of uses, including for medical or childcare, boutique residential accommodation or for redevelopment,” Bourke said.
“The nearby Forest Hill precinct of South Yarra is undergoing a transformative period that is bringing new residential, retail, office and hospitality offerings, and there’s a fast-growing demand from young families moving to the area for education, medical and childcare services.
“Character buildings provide a point of difference for businesses, and we’re expecting interest from owner-occupiers looking to acquire their own character premises on the Melbourne CBD fringe. Historic inner-Melbourne buildings such as this are very tightly held.
“Developers will note that inner suburban locations with high-quality hospitality and lifestyle amenity are hugely popular now, particularly at a time of flexible working arrangements. It’s incredibly rare for a South Yarra site of this size and potential to come to the market.”
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.”
He said Domain Hill is occupied by many of Melbourne’s most exclusive residences, together with leading private schools Melbourne Grammar and Melbourne Girls Grammar.
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.
Across South Yarra, Newmark Capital, Gurner and Qualitas are currently planning the $1.5 billion Jam Factory redevelopment, while Vicland recently completed the 11 Wilson Street office building, Goldfields is developing a new office tower at 627 Chapel Street, and US company Greystar is planning Australia’s biggest build-to-rent project in the suburb.
Dahua, Simonds and Spotlight are also developing apartment projects in South Yarra.