This article is from the Australian Property Journal archive
A PRIME Bourke Street freehold in Melbourne’s CBD has sold unconditionally for $8.5 million, after a competitive campaign.
Located just metres from Bourke Street Mall, the double-fronted two-level freehold building at 387-391 Bourke Street spans 484sqm of gross floor area on a 345sqm site, with 12.27 metres of frontage.
Daniel Wolman, Anthony Kirwan, Oliver Hay and Leon Ma from Cushman & Wakefield managed the sale via an expressions of interest campaign, which saw more than 100 enquiries and five offers received.
The sale price reflects a land rate of $34,637/sqm and a building rate of $17,561/sqm, though the price guide at the time of listing was north of $10 million.
The store is the former home of McEwans CBD hardware shop, which was a leading hardware retailer in the state before being purchased by Bunnings in 1993.
The property was previously held by one private Melbourne family for 17 years
The tenured investment us partially leased to two ground floor tenancies and a whole floor level 1 tenancy.
Retail vacancies across the Melbourne CBD’s key shopping and hospitality precincts have nearly halved over the last year, as the city continues to recover from the impacts of its COVID-19 lockdowns, according to Fitzroys’ latest 2024 Walk the CBD report.
