Developer swoops on parkside Hawthorn office
Sydney based apartment developer Abadeen has swooped on a Hawthorn office covering 1300 square metres.
The Pharmacy Guild of Australia headquarters at 40 Burwood Road cost $16.825 million – a 3.55 per cent net passing yield.
Over three levels with 1954 sqm opposite St James Park, a bigger project is planned.
Eight storeys can be considered following recent state government planning changes.
Colliers’ Alex Browne, Ben Baines and Eddie Foulkes were the agents for Lachal Property as transaction advisor.
The property is near an ex-office at the corner of Burwood Rd and Yarra Street which Bensons Property Group just replaced with a luxury apartment complex, St James Park (continues below).
Established 25 years ago by Justin Brown, Abadeen has delivered some 80 projects.
In Victoria it is led by ex-AFL player and CBRE executive Andrew Leoncelli.
Last year it acquired East Melbourne’s historic ex-Kilburn mansion, later a hospital, also for a residential conversion.
It has also bought several sites in Sydney’s Mosman – the latest last month.
Subscribe to our newsletter at the bottom of this page.
