Savills Australia is marketing a fully leased, luxury serviced apartment building at Hawthorn East, one of Melbourne's most popular inner suburbs. The property will be sold by Expressions of Interest closing Wednesday, March 15 at 2pm and is expected to fetch in the order of $13 million.

Completed in November 2015, the 85 Camberwell Road property comprises 18 serviced and fully-furnished apartments of one, two and three bedrooms, one office and two retail shops over three levels, with a total net lettable area of 1,523 square metres.

Additional benefits include a 24 hour, ground floor reception, 22 car spaces on the 950 square metre site, and a favorable corner position, with dual entry points, providing maximum natural light and access.

Ideally positioned between Harold and Mayston streets, the property is within a short distance of all essential retail, educational and lifestyle amenities, including Swinburne and Melbourne universities, and public transport.

According to marketing agents, Julian Heatherichand Nick Peden, the property is fully leased to two tenants - Camberwell Serviced Apartments and Monolith International - on 15 and three year terms respectively and returning a current net annual rental of $705,356.

Mr Peden said he expected a high level of interest from investors looking for a very well located property with strong growth prospects.

'This property has all the credentials that attract serious investors. It is located in a blue chip suburb only a short distance from the CBD, the building is near new with generous depreciation benefits and built-in rental growth, offers 4.5 star luxury accommodation, is fully leased and has excellent growth potential.

'There are few, if any, opportunities like this on the market in Melbourne at the moment and for that reason we except a flood of enquiry,' Mr Peden said.

Mr Heatherich said the locational benefits including schools, hospitals, extensive shopping, parklands and public transport, made the property ideal for short and long term accommodation.

'It's not surprising that the property has experienced consistent growth in both occupancy and room rates,' Mr Heatherich said.

He said the prime corner landholding underpinned the value of the property in one of Melbourne's most sought after inner suburbs and one which is currently undergoing significant growth.

Mr Heatherich said the property's key attributes included:

  • Nearly new building
  • Generous depreciation benefits
  • New 15 year lease to Camberwell Serviced Apartments
  • Prime main street, corner landholding
  • Close to all essential amenities including public transport
  • Close to Melbourne CBD

Learn more about Savills City Sales services.

Savills plc published this content on 21 February 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 20 February 2017 23:32:08 UTC.

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