Cadence Property Group is set for a move to Melbourne's inner east after purchasing a site in Hawthorn's commercial and industrial precinct for $6.5 million.

Fitzroys agents Chris James, Jordan Ceppi and David Bourke negotiated the sale of 1-5 Hall Street following an Expressions of Interest campaign on behalf of a private investor who had held the property for more than 20 years. 

Mr James said they received more than 100 enquiries for the site, resulting in six offers.

At a glance: 

• Cadence Property Group has purchased 1-5 Hall Street in Hawthorn East following an Expressions of Interest campaign conducted by Fitzroys agents Chris James, Jordan Ceppi and David Bourke.
• The sale price of $6.5 million reflects a yield of 5 per cent.
• The property comprises a combined building area of 1,625 square metres.

“We received very strong interest from investors, owner-occupiers, developers and land bankers, reflecting the property’s versatility and the pent-up demand for property in this tightly-held precinct,” he said.

The 1,650sqm site boasts three frontages and comprises two adjoining office and warehouse facilities with a combined building area of 1,625sqm. 

Timber exporter Aushang International has 3.5 years remaining on its lease over 1 Hall Street, while tech firm SXiQ has a short-term lease over 3-5 Hall Street. 

According to Fitzroys, Cadence intends to move into part of the premises following the expiration of the short-term lease and has a long-term view of the site’s development potential.

Bourke said the attractive site offered strong development potential, with the Commercial 2 zoning offering high site utilisation, accessibility and 18 on-site parking spaces. 

From its new site, Cadence will neighbour the offices of Coles, Kookai, Bunnings Warehouse, Gazman, and Kennards Self Storage. 

Cadence Property Group, headed by Charlie Buxton of the prominent property family, has a commercial and industrial development pipeline worth more than $600 million, including a $250 million master-planned mixed-use business park in Truganina, and last year launched a syndicated funds management arm with the aim of holding up to $300 million of assets. 

Mr Ceppi said the inner eastern suburbs continued to attract commercial and industrial tenants due to its excellent accessibility and residential development growth. 

“Melbourne’s inner east offers close proximity to CityLink and the Monash Freeway, as well as access to multiple tram and train routes, while medium and high-density residential development is encouraging businesses to position themselves to attract and accommodate a generation of inner-city dwellers that are keen to live and work in the same area," he said.

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