A prime commercial site in Melbourne’s prestigious inner-east has sold for $7.5 million, drawing strong interest from both local and offshore groups ahead of being secured by an offshore education provider looking to expand into the Melbourne market.
Located at 529 Burwood Road, Hawthorn, the 1,174 sqm site features a two-storey, 992 sqm office building comprising seven office suites, end-of-trip facilities, an outdoor deck, meeting rooms, and 17 secure on-grade car spaces. Zoned Commercial 1 under the City of Boroondara, the site is supported by a Design and Development Overlay – Schedule 17 (DDO17), allowing for multilevel development with a potential height of up to 22 metres (STCA).
James Latos, Associate Director, Commercial Sales at Savills Australia and New Zealand, who managed the sale together with Julian Heatherich, Benson Zhou and Tim Grant, said the transaction marked the end of a long-term ownership.
“The vendor, Keleesa 21 Pty Ltd, had held the property for over 35 years and maintained it in good condition throughout.
“This is our team’s fourth recent sale of a vacant freehold office to an owner occupier and we’re witnessing a flight to quality freehold assets from active groups,” Mr. Latos said.