Chinese buyer pays $9.85 million for Hawthorn office

A Chinese investor has fought off a number of local rivals to secure a Hawthorn office building for $9.85 million.

It was on a tight 4.78% yield through CBRE.

Some four parties put in 108 bids as the price raced past the former record to post a new building rate record for the area of $13,979 a square metre.

The previous record had been the $10,578 a square metre paid for 1 Oxley Road in May. 

Located directly across the road from Swinburne University, the recently refurbished 500 Burwood Road property comprises 714 square metres of office space over two levels on a 1998 square metre site, including 21 car spaces and rear access.

It was sold fully leased to long standing tenant, Australian design and construction company Qanstruct, on an eight year lease at gross annual rental of $500,000.

The former Congregational Church proved to be a big attraction for the successful buyer.

The vendor was Qanstruct MD Mark Ruff.