LYZ Property Group to flip enormous Hawthorn development site
LYZ Property Group is flipping a large corner block in Hawthorn – one of Melbourne’s blue ribbon suburbs.
The 2593 square metre site, containing a 4427 square metre low-rise showroom with leases in place to Captain Snooze, Sofas Direct and National Storage, is expected to trade for more than $20 million.
LYZ – a subsidiary of the Hengmao Group based in China – paid $17 million for the asset in early 2016 – arguably the time a suburban development site boom was beginning to gain pace in Melbourne.
Savills brokers Benson Zhou, Julian Heatherich, Clinton Baxter and Dorothy He are marketing the property this time around.
The Commercial 1 zoning of 283-285 Burwood Road would allow for the construction of a substantially taller building.
Alternatively, the Hawthorn asset returns net rent of just over $786,000, making it an attractive prospect to investors, too. The Glenferrie train station is about 450 metres away – along the popular Glenferrie Road retail strip. The CBD is about five kilometres away.
In 2013, a similarly large former furniture showroom at 511 Church Street, Richmond, in Melbourne’s inner-east, made way for a five-level office now occupied by REA Group.
LYZ made headlines earlier this year selling the Computershare headquarters in Abbotsford for $93.5 million after paying $88.9 million for it in 2016. Since 2010, LYZ has also acquired property in Daly Street, South Yarra and in St Kilda Road – with the purchase of the historic Airlie Mansion, the former home of late prime minister Stanley Bruce.
