SOLD: 37 & 39-41 Little Collins Street, Melbourne
It was Rob Phillpot, co-founder of tech business Aconex, who outbid both the Melbourne Club and honorary consul to Monaco, Andrew Cannon, paying a combined $22.35 million for the properties.
The three-level, triple street fronted building at 39-41 Little Collins Street, tenanted by Lupino, was auctioned first, receiving 91 bids and ultimately selling for $16,500,000. This represented a tight yield of 1.16% and a 113% premium to the vendors reserve price.
37 Little Collins Street, a classically designed two-storey building currently tenanted by Mathew McConnell’s Bar Lourinha drew 66 bids with Mr Phillpot paying $5,850,000. This sale price represented a yield of 2.20% and a 67% premium to the vendors reserve price.
Colliers International’s Melbourne City Sales team of Oliver Hay, Daniel Wolman, Chris Ling and David Sia handled the auction campaign. Mr Hay saud the interest generated was unparalleled, resulting in more than 250 enquiries, 49 inspections and 52 contracts distributed.
The interest was primarily driven by investors and future owner-occupiers desperate to secure an asset in the tightly held ‘Paris End’.
“With the favourable economic conditions, we are seeing countless active buyers and under-bidders from such campaigns eager to secure commercial assets that come to the market, particularly properties with rental upside and value-add opportunities within the Melbourne CBD grid,” Mr Hay said.