This article is from the Australian Property Journal archive
A PRIVATE syndicate from Singapore has bought the heritage listed Maltstore building in Melbourne’s CBD from Grocon.
The property was reportedly sold for $17 million.
CBRE Melbourne City Sales agents Josh Rutman, Tom Tuxworth and Mark Wizel negotiated the sale of the 551 Swanston St office and retail property, which forms part of the mixed-use Swanston Square precinct on the former Carlton and United Brewery site.
Tuxworth said the deal represented the largest ever sale of a vacant freestanding strata building in Melbourne.
Rutman said investors have been starved of opportunities in the sub $30 million Melbourne CBD investment market in 2014/2015.
“Whilst the Maltstore presented some challenges given its restrictive heritage status and strata-titled nature, the opportunity to effectively own a freestanding building between RMIT and Melbourne University was something that appealed to a range of local and offshore groups,” he added.
The property comprises 2,224 sqm of upper level office space and 752 sqm on the ground floor.
This is the second transaction to a Singaporean investor within that precinct of Melbourne`s CBD this week.
Earlier this week, KLW Holdings bought 23-31 Lincoln Square South Carlton, which is only 400 metres away, for $12.52 million.
KLW intends to refurbish the vacant five-level 3,745 sqm office building with intentions of developing a mixed-used residential, student accommodation and boutique hotel development in the future.
Australian Property Journal
