This article is from the Australian Property Journal archive
THE gavel has fallen on the first major Melbourne CBD commercial property auction of 2023, with the $11.85 million sale price of the four-level building coming in at 43% above reserve.
Seven parties put forward more than 150 bids for 144-148 A’Beckett Street, which was being offered by the owners of cooking wares store Scullerymade, who had held the property for over three decades.
A local private investor secured ownership of the building.
Located near the Queen Victoria Market, the corner freehold building has three street frontages totalling 48 metres. It encompasses a building area of 1,187 sqm on underlying land area of 288 sqm, zoned under coveted capital city 1 zoning, allowing for potential uses including residential, office, educational, hotel, and student accommodation.
The property currently includes a ground-floor showroom, an off-street lockup side entrance currently used for deliveries and storage and with the potential for conversion into a multi-car space facility, and upper levels comprising open floor plates with minimal partitions and bathroom and kitchen facilities. It also has an unobstructed rooftop space and signage possibilities.
Oliver Hay, Anthony Kirwan, Daniel Wolman and Leon Ma of Cushman & Wakefield and Joel Wald of MMJ Real Estate.
Hay said 55% of the buyer pool was from China, 34% from local buyers, and 11% from Malaysia. Five offshore bidders were introduced to the auction by Cushman & Wakefield’s Melbco Asia Capital Services team.
Wald said, “the legacy of the private Melbourne-based family who held it for over 31 years will endure, contributing to the city’s rich architectural heritage”.
