Melbourne's Hawthorn East property sold under the hammer for $2.1 million

A freehold property in Melbourne’s Hawthorn East suburb has been snapped up by a furniture retailer for $2.1 million at auction.

The auction was conducted by Teska Carson's Matthew Feld and Larry Takis along with Moss Property’s James Moss.

The 719-721 Burwood Road property comprises a two-level commercial building, including ground floor retail/office space with first floor office/storage, on a 425-square metre site, zoned Commercial 1. It was sold with vacant possession.

Feld said the area had seen significant growth in recent years with numerous commercial and residential developments including more than 360 new apartments in just three buildings surrounding the property.

It is close to Swinburne University, parklands, Auburn Railway Station and retail.

"Given the location and the development that has occurred over the last few years including several successful apartment projects and the significant upgrade of Swinburne University, this property has enormous potential and that was not lost on parties interested in occupation, investment and development,’’ Feld said.

The property has 10 metres frontage to Burwood Road and on-site parking.