This article is from the Australian Property Journal archive
A LOCAL investor/developer has bought a former nightclub in Melbourne’s CBD in a private off market transaction.
Savills’ Clinton Baxter and Nick Peden sold the freehold commercial property located at 10-16 McKillop St Melbourne for $10.5 million.
The capital city 1 zoned site comprises an area of 361 sqm and is improved by a five-level 1,500 sqm building.
The sale price reflects a building rate of $7,000 per sqm and land rate of $29,085 per sqm.
The building was previously occupied for more than 20 years by a nightclub and was sold with vacant possession and is available for lease.
Baxter said the Savills team negotiated the transaction on an off-market basis after securing a compelling offer to purchase whilst the vendor had been seeking to lease the property, after the previous tenant vacated.
“The transaction illustrates the depth of demand in the market for well-located and relatively affordable CBD freehold properties,” he concluded.
Australian Property Journal
