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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. 
 

Related Experts

Oliver Hay

National Director | Melbourne City Sales

Investment Services

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

Investment Services

Melbourne CBD

Daniel is Head of Investment Services Victoria with a national role of growing the Australian Investment Services business. Transactionally, Daniel’s specialisation is in the Middle Market assets class ($20-$200mil) throughout the City of Melbourne.

Daniel joined Colliers in 2010 and quickly claimed market share of the CBD. He focuses primarily on commercial investments and value-add opportunities with a laser focus on office, retail and development sites, for which he and his team are market leaders.

Daniel regularly engages with a diverse range of clients from various sectors and consistently strives to surpass client expectation. He manages negotiations on behalf of local, national and international clients and has been involved in billions of dollars’ worth of transactions. 

Since commencing the leadership of his team in 2010, Daniel has managed to guide the Melbourne City Sales team to success year after year, continuing to be a leader in his market and achieve record transactions no other agency has managed to do. In 2021, Daniel has taken responsibility for the entire Victoria Investment Services business.

Throughout these years, Daniel has dedicated his time to many enterprising initiatives including Middle Markets, where Daniel has driven the Victorian and National business to focus on key investments predominantly in the office asset class, and Premium Investments which he has also lead from a National approach, listing and transacting assets underpinned by premium tenants.

Daniel has maintained strong relationships with clients due to his strong and transparent communication, and this is significantly prominent in his extensive track record.

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