Hawthorn office block sale to LYZ

Hawthorn office block sale to LYZ
Hawthorn office block sale to LYZ

LYZ Property Group, a subsidiary of Chinese developer Hengmao Group, has bought in Melbourne's Hawthorn for $17 million.

The office property on 283-285 Burwood Road sold on a 4 percent yield.

LYZ is known for the Chiara and Lucia apartments in South Yarra.

It plans to hold the 4500 sqm building, which has redevelopment potential, as a long-term investment.

The building also comes with 28 car spaces sit on a 2655 sqm site.

It is leased to Snooze for 10 years and National Storage for 15 years, earning total net annual rent of $682,000.

Teska Carson's Tom Maule and Michael Taylor brokered the deal.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

Tags: 
Commercial Sale

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