Mariana Hardwick sells Brunswick salon and workshop for $3.22 million

Mariana Hardwick’s Brunswick ground floor salon and first floor at the Hardwick Building have sold for $3.22 million.

Sold by Fitzroys agents James Gregson and Rick Berry at auction, there was competitive bidding between three prospective purchasers.

The ground floor salon was 375 square metres, and the offering also included a first floor atelier, and office spaces, to a total of 875 square metres, as well as air rights.

The property included Lot N – a 950 square metre block above the first floor of the main buildings, which allows the purchaser to undertake development in future.

It was subject to a long lease to Mariana Hardwick until 2032 with a 5+7+7 lease structure from July 1 2013.

On the first floor, approximately 135 square metres are leased to Letterbox on a three year deal from 15 October 2013.

The combined rental return total is an estimated $250,000.

“This is an historic landmark property in a major inner city growth location with a long lease to an iconic operator, and with development upside and subdivision potential,” said Gregson.

“The property’s positioning in the prime trading section of Sydney Road, Brunswick, which has benefited from the resurgence of inner city living and increased demand and gentrification of the area, further attracted interest from both local and interstate investors,” he said.

The history of the two-level building stretches back until 1907 when it began as the Hoopers Drapers store. After a succession of owners including Waltons and Spotlight, Mariana Hardwick acquired the Hoopers Building in 2005 as a new location for her salon.