A 12-storey commercial office building on Melbourne's Queen Street has been sold to an offshore investor for close to $25million.
Daniel Wolman, Matthew Stagg and Oliver Hay, of Colliers International’s Melbourne City Sales team, have facilitated the sale of 51 Queen Street, a freehold office investment at the heart of the Melbourne CBD’s financial precinct.
51 Queen Street is a 12-storey, 4 Star NABERS-rated office building situated on 676sqm between Flinders and Collins Streets. The building is approximately 4,800sqm and brings in a healthy long term income of more than $1.1million from a diverse range of quality tenants. The building offered prominent Queen Street frontage.
“The market is as hot as we have ever seen it and savvy property owners are capitalising on the demand from investors to sell their assets while the Australian dollar is still cheap for offshore buyers and our interest rates remain at an all-time record low,” Mr Wolman said.
“This campaign generated unprecedented levels of offshore enquiry."
51 Queen Street was sold via an International Expressions of Interest campaign. The successful purchaser withstood strong competition from five local and seven offshore bids.