$7500sqm paid for Hawthorn development site

Melbourne-based boutique property developer CD Group has paid $6.275 million - a record rate of over $7500 a square metre - for a development site in the heart of Hawthorn.

Set directly opposite Swinburne University, its Teska Carson selling agents Anthony Choi, Tom Maule and Michael Taylor fielded more than 100 enquiries resulting in 10 formal expressions of interest for the 382-386 Burwood Road property.

The development site was considered having first rate amenity including shopping, public transport, schools, parklands and leisure facilities.

The property currently comprises two single-level retail buildings leased to a Korean restaurant and a showroom display suite business on an 836 square metre site.

Zoned Commercial 1, it has 18 metres frontage to Burwood Road, 45 metres to Kent Road and 18 metres to Kent Lane. 

The vendor was a private Chinese family on a long term hold.