Chinese investors buy Melbourne serviced apartment building

George Sell George Sell Uploaded 17 March 2017

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Australia: A serviced apartment building in the Melbourne suburb of Hawthorn has sold for $AUS15 million to a first-time Chinese investor.

The building at 85 Camberwell Road features 18 apartments in a 28-key layout, retail shops and 22 car spaces. It attracted offers from Singapore, Hong Kong and mainland China as well as from local investors.

It was fully leased to two tenants, Camberwell Serviced Apartments and Monolith International, returning net annual income of $705,356, according to selling agents Savill Australia's Julian Heatherich, Nick Peden and Benson Zhou.

Heatherich said the two-year-old building serviced an established corporate clientele for businesses which have headquarters in the area.

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