Prime Value pays $17.5m for Hawthorn office

The office contains 2341 square metres of lettable area.

Prime Value has purchased another Melbourne commercial property, this time an office, in Hawthorn.

Eleven-23 Burwood Road is costing $17.5m from not-for-profit National Institute of Integrative Medicine, which offered a three year leaseback.

Over four levels, it contains 2341 square metres of A-grade area and 54 car parks.

It occupies a 1521 sqm Commercial 1 zoned block between Hawthorn train station and St James Park.

The sale price reflects a 5.4 per cent net yield.

Knight Frank’s Ed Wright, Tim Grant and Tom Ryan said 13 written offers were received after an expressions of interest campaign conducted during Melbourne’s second lockdown.

“The property received significant interest from Victorian private and institutional investors, as well as Sydney and Adelaide based groups,” Mr Wright, who declined to comment on the buyer, added.

The deal comes a month after Prime paid Stockland $89m for four Melbourne aged care investments (story continues below).

Last May its sister company Shakespeare Property Group spent $62.15m on 436 St Kilda Rd – a 12-storey A-grade office sold with a part-leaseback to Flight Centre.

Recent Hawthorn office deals

Three months ago, education technology firm Compass leased the double-storey, 1545 sqm office at 36-38 Burwood Rd, in the immediate area of the NIIM building.

Last April two tenants – Xero and Henny – rented a total 1383 sqm at IOOF’s 108 Power St – about 400 metres away.

At about the same time, Zagame Corporation spent c$63.8m on two Hawthorn offices abutting a couple it already owned, including its headquarters at 290 Burwood Rd.

Its latest properties traded with five year leasebacks but from 2026 the developer could consider replacing that c8189 sqm battle-axe shaped parcel near Glenferrie train station, with a multi-building mixed-use project.

The property (marked) is between Hawthorn train station and St James Park.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of