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Kew’s popular High Street commercial precinct is witnessing a generational change, with the sale of a second key site in a matter of months set to further activate new space along the strip.
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Fitzroys’ Chris James and David Bourke have just sold <a href="https://www.commercialrealestate.com.au/property/171-173-high-street-kew-vic-3101-2014319305" target="_blank">171-173 High Street</a> for $4.175 million under the hammer, on behalf of private vendors that had owned the site for over 50 years.
Owner occupiers and local and offshore investors competed at auction that was won by a local investor. The sale price reflected a 3.9% yield and land rate of around $14,752 per sqm. 
Six months ago, James and Bourke sold a Commercial 1-zoned 526 sqm concrete yard at nearby 226-232 High Street for $4.5 million to a local developer in an off-market deal. 
The 283 sqm site at 171-173 High Street comprises a double-storey 332 sqm building with two ground-floor retail spaces tenanted by ASX-listed Flight Centre and Onyx homewares shop, and a first-floor residence above. It returns $164,000 per annum plus outgoings from multiple income streams. 
James said the property is in the prime section of the High Street, Kew commercial precinct, at the junction of Cotham Road, and with an ASX-listed tenant tenants attracted more than 100 enquiries throughout the campaign. 
Bourke said the purchaser jumped at the primely positioned value-add opportunity in one of Melbourne’s most prestigious suburbs. 
“The property backs onto Athaneum Place, the brick lane connecting Brougham and Walpole streets, which the City of Boroondara has been revitalising to enhance the amenity of the adjacent Kew Junction Shopping Centre with a contemporary and vibrant public space,” he said. 
“The new owner, a local investor, will look to activate the area at the rear of the property with a retail offering fronting the improved Athaneum Place.” 
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James said the purchaser of 226-232 High Street had completed a number of successful developments across Melbourne and is looking to utilise the site for a mixed-use project.
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“The ongoing introduction of medium and high-density residential developments and a growing office population in Melbourne’s inner eastern suburbs of Camberwell, Hawthorn and Kew have stimulated the retail precincts throughout the region, including Kew Junction, Glenferrie Road and Camberwell Junction,” he said. 
More than 2,000 apartments are currently in the pipeline throughout Melbourne’s inner-east. 
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Kew's High Street undergoing generational change

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The Grounds of Kew in Melbourne will be the first apartment project in Australia to have its own private putting greens.
Each of the four courtyard apartments will have the option to install their own private greens.
The courtyards range in size from 237sqm – 271sqm.
The Beulah International development will feature 20 luxury residences, with prices starting from $1,415,000.
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Award-winning landscaper Paul Bangay has drawn inspiration from the grand estates and gardens of Kew to create a private playground for each ground floor residence.
Beulah International general sales manager Jamie Baldwin said Kew is home to one of Melbourne’s oldest established golf clubs, which has 1,300 playing members.
“This is a fantastic and rare opportunity for residents, as they can practise their putting skills before playing down at the local club,” he said. 
Beulah has partnered with Australian professional golfer and PGA Member Craig Spence, who has provided guidance on how to achieve the best possible private putting green experience in the residences, and will host a putting masterclass at the display suite next month. 
Spence has played 14 years on world tours including a US PGA tour and Europe and won the 1999 Australian Masters. 
Spence said having access to a personal practice putting green is a dream opportunity. 
“So much so, that even Tour Professionals in the US are putting in private putting greens,” he said. 
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Beulah International executive director Adelene Teh said Beulah’s vision is to deliver the first project in Kew amongst the Sackville Ward community, with multiple four-bedroom, 4-garage apartment homes. 
“Kew is one of the most prestigious addresses in Melbourne and is an untapped market when it comes to hyper-luxury, modern developments,” she said. 
Drawing inspiration from Sackville Ward’s grand mansions and Federation Architecture, The Grounds will only be four levels high. 
Featuring a range of two, three and four-bedroom single level residences, The Grounds of Kew will be priced from $1.415 million to $4.920 million, with apartments ranging in size from 106sqm – 296sqm internally with additional outdoor space. 
Two lavish penthouses will sit atop The Grounds, accessed by a private lift.
 
For more information <a href="http://www.thegroundsofkew.com.au" target="_blank">click here.</a>
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Courtyard apartments in new Kew development with very own putting green

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A Kew home, built in 2016 with the dream mancave by Anderson Homes boss Laurie Anderson, was snapped up before its scheduled weekend auction.
It was the 2017 Master Builders Association Victorian runner-up for home of the year which left the judges, like the buyers, impressed by the home’s hydraulic raised driveway.
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The Hillcrest Avenue driveway led to the basement in <a id="x_mcntLPlnk38888" class="x_mcntOWAAutoLink" href="https://www.realestate.com.au/sold/property-house-vic-kew-128067222" target="_blank">the home</a> that cost $4 million to build after its design by Anderson Home in conjunction with Stephan Kosa Architects.
The vast 320 sqm basement space came with video golf driving range, bar with beer on tap, wine cellar, plus workshop complete with car turntable and its automoted driveway ramp.
There was even light through a window view through to the pool.
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There's a lift to upstairs in the four bedroom, four bathroom home that sat on a 740 sqm block which cost $1.98 million in 2014.
No sale price has emerged from the mid-week auction, but Kay &amp; Burton agent Scott Patterson and Fletchers’ Jeremy Desmier, had initially advised to expect to pay between $6.2 million to $6.8 million.
There's speculation closer to $7 million was achieved, which would rank as the top result for weekend listings.
 
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Anderson Homes-built Kew mancave home tops weekend auction listing sales

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Kenilworth, a large Queen Anne-style residence at 23 Barry Street, Kew has been sold.
Marshall White agent Doug McLauchlan sold the five-bedroom home at a private mid-week auction earlier this month, in conjunction with Greg Sinclair Property.
The property had $7 million to $7.7 million price hopes.
It reportedly subsequently sold for $7.1 million to the sole bidder at the private auction.
It was the Kew home of the Melbourne QC Garry Bigmore and his wife, Helen.
The Queen Anne home on an 1800 square metre estate was <a href="https://www.realestate.com.au/property-house-vic-kew-126870610" target="_blank">built in 1896</a>, still retaining its generous proportions, soaring ceilings and original fireplaces, the property has been restored by Beverly Usher.
It comes with six bedrooms, four bathrooms, grand formal living spaces and a versatile lower-level games room.
 
 
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Kew's Kenilworth sold at $7.1 million

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Prized landholdings with development potential in Melbourne’s inner-eastern suburbs continue to attract premiums, with a High Street, Kew site the latest to change hands.
A local developer picked up the 526sqm concrete display yard at 226-232 High Street with an attractive Commercial 1 zoning for $4.5 million.
Chris James and David Bourke of Fitzroys negotiated the off-market transaction.
The site has a wide 15.4-metre frontage to High Street, in a central position in the Kew retail and commercial centre across from local icon Toscano’s, neighbouring Bank Australia and close to other major banks, supermarkets, specialty food and beverage offerings, and Kew Junction.
The site offered existing holding income from an outdoor advertising agreement of $30,600 per annum.
James said the purchaser has completed a number of successful developments across Melbourne and would look to utilise the site for a mixed-use project.
He said the ongoing introduction of medium and high-density residential developments and a growing office population in Melbourne’s inner eastern suburbs of Camberwell, Hawthorn and Kew had stimulated the retail precincts throughout the region, including Kew Junction, Glenferrie Road and Camberwell Junction.
“Kew, Hawthorn and Camberwell are proving particularly attractive to developers for boutique project opportunities, underpinned by strong demand due to the area’s retail and lifestyle offering, the presence of a number of Melbourne’s leading private schools and multiple public transport options.”
More than 2,000 apartments are currently in the pipeline through Melbourne’s inner-east.
A Mayston Street site in neighbouring Hawthorn East recently sold with a permit for 33 apartments and four townhouses, and major Chinese player Dahua Group has a 1,980sqm four-level mixed-use project with 345 apartments in its pipeline in the suburb.
According to Fitzroys’ Walk the Strip report, “Whilst the Victorian shop-and-dwelling that dominates many of our strip centres ensured the activation of mixed uses through these locations in the past, it is the more recent revolution of medium density mixed-use retail/ residential developments that has further accentuated the extended trading cycles of these centres and added to their vibrancy.”
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Developers continue to prize Melbourne’s inner-east

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A Walpole Street, Kew home set in lush gardens designed by Rick Eckersley has been listed for December 2 auction.
T<a href="https://www.realestate.com.au/property-house-vic-kew-126865150" target="_blank">he 84 Walpole Street offering</a> has $3.7 million to $4 million price expectations.
The home once featured in House &amp; Garden.
The four-bedroom tuck-point brick 1928 home retains period detailing and contemporary renovation.
Marshall White’s James Tostevin has the property,
The house which sits on extensive bluestone foundations is said to have been built for the Mayor of Kew.
It has views to the Northern and Dandenong Ranges. 
The comparable property details are given as: 
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1 21 Swinton Av KEW 
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$4,200,000
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  05/2017
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2 37 Wellington St KEW
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$4,000,000
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  08/2017
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3 29 Oak St HAWTHORN         
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$3,900,000
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  05/2017
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Rick Eckersley gardens in Kew home set for auction

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There are $7 million to $7.7 million hopes given for the Kew home of the Melbourne QC Garry Bigmore and his wife, Helen.
They have listed the Queen Anne home, Kenilworth, an 1800 square metre estate.
<a href="https://www.realestate.com.au/property-house-vic-kew-126870610" target="_blank">Built in 1896</a> and retaining its generous proportions, soaring ceilings and original fireplaces, the property has been restored by Beverly Usher.
It comes with six bedrooms, four bathrooms, grand formal living spaces and a versatile lower-level games room.
Set on 1810 square metres, the property includes a self-contained, two-bedroom apartment and a pool.
The property will go to auction on December 6 through Greg Sinclair Property.
The comparable sales were suggested as:
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1 6-7 River Ret KEW 
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$7,010,000
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   5/2017
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2 18 Coleridge St KEW 
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$6,400,000
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  10/2017
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3 6 Merrion Gr KEW 
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$6,150,000
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   9/2017
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1896 Kew trophy home, Kenilworth listed for sale

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Omro, a period home in Kew, sold under the hammer last weekend for $2,425,000.
Five bidders competed for the 1910 Edwardian mansion, which was once home to the Mayor of Kew. 
The four-bedroom house with a spa at <a href="https://www.realestate.com.au/sold/property-house-vic-kew-126503290" target="_blank">230 Cotham Road</a>, on the corner of Davis Street, secured $125,000 above reserve.
The Edwardian home sits in the exclusive Sackville Ward precinct.
It has four bedrooms plus spacious study.
The living area features high ornate ceilings.
Jellis Craig agent Alastair Craig said a young family, who were overseas, won the keys with its school zone status a big attraction.
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Former Kew mayor's home sold under the hammer

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A five bedroom Kew house has sold for $5.58 million making it Melbourne’s most expensive weekend auction sale.
Located at <a href="https://www.realestate.com.au/sold/property-house-vic-kew-126210698" target="_blank">5 Stoke Avenue</a>, the property is European-inspired with a northern rear aspect.
Built in 2007 the property last sold for $1.379 million in 2004.
It features a media room, with potential to become a home cinema, as well as formal sitting and dining room with gaslight fireplace and window overlooking water feature.
Downstairs is the guest bedroom with ensuite as well as laundry and powder room.
The granite kitchen features Miele appliances and opens to a formal garden with an outdoor gazebo dining area.
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Upstairs is the main bedroom with walk-in robe and ensuite as well as three further bedrooms, or two plus a study, both with ensuites.
Other features includes double garage and remote gates.
Kew and Balwyn shopping options are minutes away as well as parklands and the Outer Circle trails.
The property was offered through Marshall White agents Sophie Su and Daniel Williams.
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Five bedroom Kew house sold for $5.58 million

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A four bedroom Kew house has sold for $4 million making it Melbourne’s most expensive sale last weekend at auction.
Located at <a href="https://www.realestate.com.au/sold/property-house-vic-kew-126011582" target="_blank">37 Wellington Street</a>, the 792 sqm property is built in the English style.
It last sold in 2007 for $2.12 million.
It features an entrance hall that leads to a sitting room with a open fire place and separate formal dining room.
There is also a meals area with an open fireplace adjacent to the gourmet kitchen with stone benches and European appliances.
The living areas leads to the north-facing garden.
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The main bedroom has its own walk-in robe and ensuite with views of the city along with three other bedrooms with their own built-in robes.
Other features includes a garden shed and three car off-street parking.
The property is in close proximity to Kew Junction shops and trams.
The property was sold through Marshall White agents Nicholas Franzmann and Mark Sproule.
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