This article is from the Australian Property Journal archive
AN Asian investor has snapped up a third neighbouring building at A’Beckett St in Melbourne’s CBD.
Colliers International’s Daniel Wolman and Oliver Hay sold the 55-59 A’Beckett St property to a private Malaysian investor for $9.8 million following a hotly contested expressions of interest campaign, which attracted more than 80 enquiries.
The two-level commercial building occupies a 323 sqm site.
“This is the third freestanding building that our Melbourne City Sales team has sold on A’Beckett St in the past three months,” Wolman said.
“The property attracted enormous interest from several local and offshore groups, particularly due to its significant development potential, however it was a private Malaysian buyer who managed to outbid the competition,” he added.
The latest transactions follows the sale of 51-53 A’Beckett St in June and 71-73 A’Beckett St in May by Wolman and Hay.
The 71-73 A’Beckett St changed hands for the first time in 55 years, selling for $3.4 million whilst 51-53 A’Beckett St sold at auction for $4.6 million.
“This section of Melbourne’s CBD is currently seeing, and has over recent years, seen incredible redevelopment and considerable uplift which has been driven by high rise residential living and low office vacancy levels.
“We are seeing a surge in activity as vendors move to take advantage of current market conditions, taking advantage of the fast-moving, strong CBD environment,” Wolman said.
Australian Property Journal
