Colliers International negotiates significant sale in Melbourne’s busy legal precinct
Colliers International’s Oliver Hay, Matt Stagg, David Sia and Daniel Wolman in conjuction with TT Globals Tony Tai have sold 212 King Street on behalf of two private owners. Agents were quoting $20million, with the property selling in excess of these expectations.
“This is the latest in a string of high profile property sales in the CBD in the first half of 2019, including 140-146 King Street which sold for $29million,” Mr Hay said.
“The Colliers International team is receiving overwhelming interest for CBD assets particularly of larger scale. This campaign generated well over 100 enquiries and several written offers at the close of the campaign.
“On the back of current favourable economic conditions, we are working with a high number of active buyers and under-bidders on other campaigns who are eager to secure commercial assets that come to the market, particularly properties with rental upside and value-add opportunities within the Melbourne CBD grid."
212 King Street, Melbourne is a high-profile property with two dominant street frontages, an exceptional footprint of land and a net lettable area of 1,279sqm. The 569sqm parcel of land is bound by Little Bourke Street and Lonsdale Street. Combined frontages total 61.74m and ensure excellent natural light, protected views and multiple points of access.
212 King Street is located on the eastern side of King Street, between Little Bourke Street and Lonsdale Street, within the highly coveted Melbourne CBD legal precinct.
The fully leased property is well-serviced by public transport including Southern Cross Station, Flagstaff Station and tram routes along Bourke Street and Spencer Street.
Two ground floor retail tenancies and levels one and two are occupied by separate education providers.