A Chinese investor has snapped up a retail asset in Balwyn for $7.3 million, as this suburb continues to be highly contested among Chinese buyers.

Savills Australia’s Benson Zhou, Jesse Radisich, Julian Heatherich and Glenn Ye brokered the deal for 313-315 Whitehorse Road at a record C1Z land rate of $10,181 per square metre.

Mr Zhou said the expressions-of-interest campaign generated healthy competition, attracting local and offshore investors.

“Despite the noise on recent cooling down on residential market, this property has made more than $1 million dollars in capital gains within two years’ time,” Mr Zhou said.

“The sale also displays strong market appetite for well-located office asset with holding income.”

The property is anchored by a bedding store, Back to Sleep, and a technology firm called Websilk on level one, and generates a rental income of approximately $416,878 per annum.

”This transaction highlights the sturdy market competition between investors seeking income-producing assets that present significant future development upside potential,” Mr Zhou said.

Learn more about Savills Retail Investments.