This article is from the Australian Property Journal archive
A CHINESE investor has paid $15 million for one of Melbourne CBD’s busiest and most recognizable retail property.
CB Richard Ellis’ Mark Wizel and Sebastian Drapac negotiated the sale of 389 Swanston Street in conjunction with Chris Mulcahy of Mulcahy & Co.
The landmark retail complex offers prime dual street frontages to both Swanston and La Trobe Streets. It was recently listed for sale for the first time in over 40 years on behalf of music promoter Michael Coppel.
Wizel said the tender campaign had attracted significant buyer interest, with the eventual sale price reflecting a tight yield of just 3.96%.
The prominent corner location resulted in a sale price which reflects an extremely strong land rate of almost $25,000 per sqm ($24,390 per sqm).
Australian Property Journal
