Levantine Hill Estate owner sells Hawthorn offices
Elias Jreissati’s Bensons Property Group has sold the two commercial components – also the final pieces – of a five level mixed use complex in Hawthorn’s exclusive St James Park precinct.
The ground floor strata spaces, lots 1 and 2, of the St James Park Residences complex, at 32-34 Burwood Road, traded for $4.175 million, reflecting a 5.39 per cent net passing yield.
All up offering c500 sqm, they are leased for 10 years. Value Dental Centre and Australian Smile Clinics are the occupiers.
There are also 13 car parks.
Gorman Allard Shelton’s Tom Maule with Teska Carson’s Luke Bisset and Matthew Feld were the agents.
Site use swapped in blue-ribbon pocket
St James Park Residences, with 19 dwellings, replaced a low rise office Bensons bought for $10.4m in early 2017 (story continues below).
On the south east corner of Yarra St, the 1221 square metre site just fits into the St James Park precinct, where two c$40m mansions sold since 2021: Invergowrie, at 21 Coppin Grove, and Avon Court, abutting it, but known by the address of 18-20 Shakespeare.
The Burwood Rd disposals come three months since we reported Mr Jreissati outlaid c$17m for a 1597 sqm Carlton block with plans for luxury apartments.
That seller was Australian Unity which offered it permit-ready for a 12 level aged care complex.
Bensons is also behind proposed prestige residential projects at Bundall on the Gold Coast and Hobart’s Battery Point.
Mr Jreissati also owns three wineries including the Yarra Valley’s Levantine Hill Estate.
Subscribe to our newsletter at the bottom of this page.
