This article is from the Australian Property Journal archive
AN office building on the Melbourne CBD’s Queen Street that appeared to have sold for $30 million last year is again on the market after the deal fell through.
The April 2023 sale of 99 Queen Street was touted as the CBD’s first major freehold property transaction of the year amid a commercial real estate transaction slowdown.
Over 200 buyer enquiries were received from Australia, China, Singapore and Hong Kong during the campaign, with buyers opting to refurbish the 12-storey, 4,153 sqm B-grade building rather than develop from scratch.
This time around, a price in the early to mid $20 million range is expected.
Daniel Wolman, Oliver Hay and Leon Ma of Cushman & Wakefield have the listing on behalf of a private family.
The building is opposite GPT’s Queen & Collins building and moments from Collins Street. It is also close to 406 Collins Street, which sold to an investor in the December quarter for about $30 million. Meanwhile, Mirvac has been close to a sale on its 367 Collins Street tower for some time, with a deal with Goldfields Group failing to complete and Asian private equity and real estate company PAG reportedly in due diligence earlier this year.
To the north, private investor Jimmy Goh paid $35 million last year for 333 Queen Street
