Major Hawthorn retail outlet snapped up by Chinese investor for $25 million
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Oct 3, 2018
Major Hawthorn retail outlet snapped up by Chinese investor for $25 million
A Chinese investor has snapped up a major retail asset in Melbourne at 283-285 Burwood Road, Hawthorne for $25 million through Savills.
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SavillsPictured: 283-285 Burwood Road, Hawthorne.
The deal represents a sharp 3.14 per cent yield and a new price record for the leafy eastern suburb of Melbourne.
The 2,593 sqm property is currently tenanted by major retail brands, Snooze, Sofas Direct, and National Storage - generating $786,344 net per annum*.
Savills Australia's Benson Zhou brokered the deal alongside Savills colleagues Clinton Baxter, Julian Heatherich, and Dorothy He.
Mr Zhou says Savills received 192 enquiries from a wide range of buyers.
“Income-producing assets are extremely popular this year, due to the tightening of lending policies following the Royal Commission,” Mr Zhou told WILLIAMS MEDIA.
“Residential developers are seeing these challenges but overall, they’re optimistic towards the future of real estate in Australia.”
Mr Zhou says it was the future development potential of the Commercial 1 zoning under the City of Boroondara Planning Scheme that appealed to the buyer.
“The property sits within the 2010 Glenferrie Structure Plan, which seeks to enhance and the existing distribution of land uses along Burwood Road. The buyer recognised the upside presented here and plans to land-bank in the short term.”
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Important Information:
Contact details:
Benson Zhou
Savills
0458 488 888
Email
6784
6790
Benson Zhou
