This article is from the Australian Property Journal archive
THE former Melbourne headquarters of the Bishop Cunliffe advertising agency has sold prior to auction and only 10 days after it was put on the market.
CB Richard Ellis associate director metropolitan investments Scott Orchard sold the property together with CBRE’s Sebastian Drapac.
The 460 sqm property was snapped up by a local developer for $1.69 million, who has plans in the medium term to redevelop the property for residential apartment use. The high-profile corner site, located at 30 Punt Road, Windsor, comprises a vacant two storey office building and is situated in the hub of St Kilda Junction.
The price paid reflects a land rate of $3,674 per sqm and a strong building rate of $4,694 per sqm.
“While we expected a number of owner occupiers to be keen on the office premises, developers displayed a greater hunger for the site which was reflected in the aggressive sale price.
“The property had attracted wide ranging interest in the short period it was on the market, with interested parties quickly identifying the potential of the property. This, coupled with the building’s prime inner city location, saw the transaction occur well before the property was scheduled to be auctioned,” Orchard said.
Drapac added that the demand for land with development potential located close to high quality amenity and infrastructure was showing no signs of abating.
“As population growth remains strong and interest rates remain stable, we continue to receive high levels of enquiry from a wide range of developers.
“We are currently dealing with a large number of local and overseas developers seeking appropriate development sites suitable for development between 20 and 250 apartments,” Drapac said.
Australian Property Journal
