Bright Hawthorn office sets new land rate record
A Hawthorn office complex has set a new record for land rates in the suburb after selling for $15 million at auction.
Seven bidders went head to head for the building at 1 Oxley Rd, which sits on an island site of 1264sqm.
The land size meant the sale price equated to $11,867 per square metre – a new benchmark for the upmarket suburb in Melbourne’s inner east – and represented a sharp 3.21% yield.
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The building was jointly marketed by Gorman Kelly’s Aldo Galante and Mario Nobrega, and CBRE’s Josh Rutman and Scott Orchard.
The building is fully tenanted, with three current leases.
Galante says a local family bought the building as a passive investment after being drawn to its modern fitout.
“The purchaser commented that the presentation and well maintained nature of the building were appealing,” he says.
Three tenants currently have leases in the building, which is fully occupied.
The 1980s building has a modern fitout within.
