Colliers International sees high demand for east-end blue chip real estate
Colliers International Melbourne City Sales team of Daniel Wolman, Matt Stagg and Oliver Hay sold the site for $37.1million.
“With an expected price of over $30million, the campaign saw over 110 genuine enquiries and received 10 strong and reputable bids,” Mr Wolman said. “The demand for this asset shows us the true strength in the Melbourne property market with aggressive offers coming from Local Private Investors, Offshore Investor and Listed Institutions.
“The final bidder was a very high-end luxury retail brand who have purchased the building with plans to owner-occupy for their Melbourne head quarters.”
The purchaser was represented by King Independet Property Advisers.
Mr Stagg added: “With high profile ground floor tenants, and being located in one of Melbourne’s most blue chip corner locations, it is no wonder that several offers came in with a return of circa 3%. The growth potential in the East End of the CBD is forecasted to contiunue with vacancy rates at 1.4% and the new $1.8 billion development being constructed by QIDC directly across the road.”
After 30 years occupying the space, the Liberal Party of Victoria will be vacating the premises at the end of 2019 with time and plans to find a new office.