398- 410 Burke Road comprises six adjoining retail and commercial freehold buildings within the boutique South Camberwell Retail Village, near Stockland Tooronga Shopping Centre, Camberwell Junction and Monash Freeway.

The site is just 50 metres from Epworth Camberwell hospital, and includes 44 metres of valuable retail frontage onto Burke Road, along with lane access via Toorak Road and side access.

Savills Australia agents Jesse Radisich, Nick Peden and Benson Zhou negotiated the deal via an Expressions of Interest campaign, achieving a tight yield of 1.65% and a land rate of $5,120 per sq m within one week following the close of Expressions of Interest.

Mr Radisich said numerous international and local buyers were attracted to the site’s significant existing rental income, prime location, development potential, and the scarcity of the offering in terms of scale.

“398-410 Burke Road lends itself to a host of possible outcomes,” said Mr Radisich. “In a very positive sign of strength in the market, a cashed up local buyer was able to outbid strong off-shore and other local interest, with an incredibly short settlement period of just 23 days.”

“The property is located in a Commercial 1 Zone, and the current owner was very deliberate in not putting in place any long-term leases at the property which would restrict short-term development potential. This of course makes the site ideal for a prime mixed-use development in the near future.”

“Rarely is a site of this scale offered to the market within a prime retail strip,” said Mr Peden.

“This is Savills Australia’s 12th sale throughout the City of Boroondora in the second half of 2019 alone. We continue to see a willingness for buyers to compete aggressively with very strong terms in order to secure these premium opportunities.”

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