This article is from the Australian Property Journal archive
A PRIVATE developer has purchased radio station 3AW's South Melbourne office and studio for $5.5 million – well above the expected price.
The three level building at 41-49 Bank St, was sold by agents Lemon Baxter, on behalf of Fairfax Media.
Lemon Baxter agents Chris Curtain and Nick Bade said over 50 requests were received six expressions of interest were lodged.
The building, the current studio and office premises of top rating station 3AW, was offered for sale pending relocation. The building has a floor area of approximately 2,600 sqm on a site with an area of 1,441 sqm.
Curtain had initially anticipated attracting offers of around $4.5 million.
“With the strong interest which Lemon Baxter’s marketing program generated, the final sale price is a very positive result,” he added.
Curtain said that the buyer is mindful of the potential offered by the building for future development.
“On offer was a commercial office building which can be occupied with the benefit of generous off street parking with 29 car spaces and good identity.
“The actual date of station 3AW’s relocation is uncertain as it is subject to completion of a building contract so we were offering both flexible settlement and occupation terms,” he concluded.
Australian Property Journal
