Spending spree in Melbourne’s CBDPosted by On


A private investor with deep pockets splashed out more than $50 million on two properties in Melbourne’s CBD this month.

The move suggests there is still plenty of interest in the commercial market, despite rising interest rates, cost of living anxieties and a vacancy rate of 14.9 per cent in the retail core.

Swanston House was secured at an auction that featured a single knockout bid of $18.02 million.

Swanston House was secured at an auction that featured a single knockout bid of $18.02 million.

One of the properties, Swanston House, was secured last week at an auction that featured a single knockout bid of $18.02 million – a land rate of more than $95,000 a square metre.

A crowd of 150 people, including 10 potential bidders, turned up to watch 163 Swanston Street go under the hammer for the first time in almost 40 years. However, the auction was over fast.

“The opening bid was $3 million over the price we were quoting,” said Colliers agent Daniel Wolman, who handled the auction with colleagues Leon Ma and Oliver Hay, and Alexander Roberston’s Kristian Peatling and Warwick Bramich.

“There’s still a lot of money in the $10-$50 million buyer range,” Wolman said. “The funding issues with banks don’t affect them, and they know this [current environment] is temporary. They’re buying for the long term.”

Swanston House, just a couple of doors from the Bourke Street Mall, is a vacant seven-storey building, built in 1922 and designed by Nahum Barnet.

The vendor, the Conos family, were pioneers of CBD cafés and Greek dining through the 20th century and had…

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