Office building site in Melbourne's Hawthorn fetches $4.95 million

A corner site comprising a two-story building in Melbourne's Hawthorn has fetched $4.95 million, following a marketing campaign that attracted more than 80 enquiries.

The selling price on the property at 262 Burwood Road reflected a yield of 4.4%. 

The property was sold on a land rate of $11,250 per sqm, which contrasts with a recent sale of the Captain Snooze site opposite at 283-285 Burwood Road which sold at a land rate of $6,400 per sqm.

Fitzroys agents Michael Ryan and Michael Donovan handled the expressions of interest campaign for 262 Burwood Road.

The 440 sqm corner site comprises a two-story building plus basement, which provides office accommodation on the part ground and first floor levels.

Zoned Commercial 1, the freehold investment property was sold with a 10-year lease -- expiring in 2020 -- to information technology services company Dimension Data subsidiary Oakton Limited, returning $217,757 plus outgoings and GST.