This article is from the Australian Property Journal archive
THE Catholic Archdiocese of Melbourne’s Catholic Development Fund has sold an East Melbourne property at auction for $9.53 million, more than 20% above reserve after attracting significant interest.
According to selling agents, Savills’ Nick Peden, Clinton Baxter and Jesse Radisich, the result represented a very strong building rate of $8456 per sqm and a land rate of $18,613 per sqm.
The 96 Wellington Parade property, located opposite the MCG and Jolimont Station in arguably Melbourne’s most sought after CBD fringe address, drew 128 enquiries, 32 inspections and a 100 plus crowd including a significant number of high profile property owners and investors.
“This is a very tightly held precinct with very few opportunities to purchase and that is due to several factors including its close proximity to the CBD (1km), permanent views over Yarra Park, and strong development potential.
“The chance to own such a blue chip property, not surprisingly, attracted a lot of interest from the investment community, including some of Melbourne’s most prominent property owners, along with interstate and offshore interest including developers and occupiers,” Peden said.
Baxter said the property, a five-level, 1,127 sqm (NLA) office building included 17 car spaces on the 512 sqm, Commercial 1 zoned site and offered uninterrupted views across parkland to the MCG.
The building covers around 65% of the site while the zoning allows for a building height of 24 metres or eight levels (STCA).
“The property has so many positive attributes that it was always going to be well received by the market, as just about any asset in East Melbourne is, but ultimately it was a better than expected result driven by very strong competition from a gathering of Melbourne’s most astute buyers,” Baxter said.
Australian Property Journal
