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.