Boasting a long and successful history on Sydney Road in Brunswick, the renowned family-owned Charalambous Hardware store has come to market.
Boasting a long and successful history on Sydney Road in Brunswick, the renowned family-owned Charalambous Hardware store has come to market.
The 1,531sq m property houses one of the street’s original businesses, established in the 1950s when there was minimal development in the area.
Savills Australia’s Jesse Radisich, Nick Peden and Benson Zhou have been appointed to market the asset at 836-842 Sydney Road, saying they anticipated interest in the high $4 million range.
Mr Radisich said opportunities of such size and scale along Sydney Road were very rarely offered to market.
“With the favourable characteristics of the site, such as the extensive retail street frontage, valuable rear access and flexible planning parameters, this opportunity is sure to appeal to astute developers,” he said.
“This particular pocket of Brunswick continues to evolve and thrive, with a number of recent surrounding projects further enhancing the profile of the area, including the recently completed seven-level project delivered by Pace Development Group.
“This project also includes a brand new Woolworths supermarket, positioned just 50 metres away from the subject site.”
Mr Peden said that while the property offered obvious immediate development potential, the quality of the existing improvements also provided “alternate potential investment, land-banking and even owner-occupation options”.
The Charalambous family believes the property could be one of few remaining hardware stores of its kind in Victoria, with Melbourne going through a generational hand-over period.
“The Baby Boomers are moving on and we’re entering a new chapter of investors,” a spokesperson for the family said.
“Following the growth of retail and large-format giants such as Bunnings, this type of hardware store is just not sustainable anymore.”
The spokesperson went on to say that the 30-metre street frontage was a result of the family business growing and buying the neighbouring property.
“These types of opportunities are few and far between,” they said.
“The significant property size on Sydney Road presents a unique chance and is likely to lure an astute purchaser familiar with Melbourne’s land values.”
The family reprsentative said the site offered “a prime development opportunity”, as well as “a potential land-bank opportunity for a prospective purchaser to generate an income until they are ready to capitalise on the property’s potential”.
“It is set up for retail or hospitality in the short to medium term and a beautiful new development in the future,” they said.
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