This article is from the Australian Property Journal archive
AN owner-occupier has purchased a 500sqm warehouse in West Melbourne for $3.5 million.
The 527-531 Spencer Street property includes exposed roof trusses and offers frontage to Spencer Street and access from both sides of the building.
Knight Frank’s Andrew Hewett, Andre Hansen and George Burbury negotiated the deal at a building rate of around $7,000 per sqm.
Hewett said the agents negotiated with three parties, and that the demand for flexible inner-city freehold looks set to boom in 2017.
“West Melbourne is still a sought-after location for both owner occupiers and boutique residential developers looking to capitalise on the wide streets and walking distance to the CBD,” he said. “The area has evolved from a place of industry to a cool mix of warehouse conversions, boutique apartments and various office accommodation.”
The property is opposite the Rose Furniture site that according to industry sources sold recently for around $24 million.
Australian Property Journal
