Paris End buildings change hands for the first time in over five decades

SOLD: 37 & 39-41 Little Collins Street, Melbourne

Two adjoining freeholds in Melbourne’s exclusive ‘Paris End’ have sold under the hammer in an exceptional display of the city’s most astute investors going head-to-head to secure the highly sought Little Collins Street buildings.

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. 
 

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Oliver Hay

National Director | Melbourne City Sales

Melbourne CBD

Oliver is an experienced National Director with a demonstrated history of working in the Real Estate industry. Skilled in negotiation, customer service and real estate transactions, Oliver is a strong operating professional who has received numerous accolades throughout his career. Oliver’s strong client relationships are proof of his success and his drive to achieve the best possible outcome for all clients is unmatched. With a focus in the City of Melbourne, Oliver has transacted some of Melbourne’s largest and most significant deals and continues to play a major role in breaking market records.

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Daniel Wolman

National Director | Melbourne City Sales

Melbourne CBD

Daniel is a National Director for the Melbourne City Sales team, Investment Services and joined Colliers Interational in December 2010 where he instantly began driving both the market and his team to success. 

Daniel and his team consistently prove to be market leaders where he specialises predominately in the City of Melbourne and focuses on real estate, consisting of office and retail investments as well as development sites, student accommodation and car parks. Daniel's knowledge of the industry and strong client relationships allow him to surpass client expectations and deliver outstanding and record breaking results.

Daniel works closely with our international offices, in particular all across Asia, where he leads the Asia Roadshow for Victoria and visits several different major cities every year including Singapore, Shanghai, Macau and Ho Chi Minh, presenting current marketing opportunities to the most active offshore buyers.

As a market leader, Daniel continually accelerates the success of his clients while leading arguably the best team in the market.

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Chris Ling

Associate Director | Melbourne City Sales

Melbourne CBD

Chris is an Associate Director within the Melbourne City Sales Team primarily specialising in office and retail assets within the City of Melbourne. In his position he works closely with a diverse range of clients including high net worth privates, small to medium size businesses and developers. He is dedicated to exceeding client expectations while managing their transactions and providing professional, strategic advice with regards to their commercial property matters. As head of the National Strata Platform, Chris prides himself in building and maintaining long term relationships with a range of Colliers International’s national clients and liaises directly with a team of specialist agents dedicated to the strata market.

Having completed a Bachelor of Environments majoring in (Property) and achieving the Dean’s Award in the Masters of Property at the University of Melbourne, he has gained strong technical knowledge of commercial property as well as an intricate understanding of the commercial property market and the most active buyers.

 

Highlight Transactions

Aurora Melbourne Central - 224 La Trobe Street - ~$31,000,000 (circa $10,200/sqm 

Collins Tower, 580 Collins Street - $5,000,000 

Level 5, 100 Collins Street - $3,450,000

Level 4, 100 Collins Street - $3,200,000

Level 4, 306 Little Collins Street - $2,580,000

Mering House, 278 Collins Street - $2,750,000 to $2,880,000

Level 2, 55 Exhibition Street - $3,000,000

Level 9, 221 Queen Street - $3,000,000 

Lots 2 & 3, 420 Spencer Street - $2,800,000 

Shops 9 & 11, 1 Little Collins Street - $2,640,000

Level 5, 271 William Street - $2,500,000

67 Pelham Street, Carlton - $820,000

Level 5, 171 La Trobe Street - $2,465,000

Level 2 & 3, 501 La Trobe Street - $2,310,000 - $2,380,000

Level 7, 552 Lonsdale Street - $2,000,000

Half Level 4, 11-19 Bank Place - $2,300,000

Level 3, 377 Little Lonsdale Street - $2,000,000

Corner Level 2, 2 Collins Street - $1,130,000

Level 7, 313 Little Collins Street - $1,252,000

Suite 202, 546 Collins Street - $1,000,000

Suite 310, 546 Collins Street - $1,175,000

Ground Floor, 501 Little Collins Street - $1,040,000

28 Aquitania Way, Docklands - $1,675,000

18 Aquitania Way, Docklands - $1,650,000

10 Morrison Place, East Melbourne - $3,000,000

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