An investor has picked up a triple storey Hawthorn East showroom and office for an undisclosed price, speculated to be about $9.1 million.
The 2420 square metre building at 12-16 Camberwell Road has the potential to earn $550,000 per annum, net.
It presently returns $415,722.
The 1338 sqm Commercial 1 zoned plot, with access to Russell Place and Auburn Grove, has 34 car parks.
Teska & Carson’s Luke Bisset and Larry Takis said the site has a multi-height precedent, providing enormous development upside.
12-16 Camberwell Road
Part of the asset’s ground floor tenancy, a furniture showroom, is considered to be achieving significantly below market rates – $128 per sqm, pa (story continues below).
This occupier is also on a month-to-month agreement.
Fernwood Fitness rents the upper levels.
The property is two holdings from a car wash on 991 sqm – 678 Burwood Rd – which Dahua sold for $5.2m last month.
That developer also recently completed a landmark apartment complex in the area, Hawthorn Park – with a skypool.
In 2019, Sydney Roosters chairman Nick Politis outlaid $11.2m for an office/warehouse in the suburb while former Melbourne Knights coach Tony Vrzina spent $2.7m on a nearby showroom.
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