This article is from the Australian Property Journal archive
A PROMINENT three level Melbourne CBD Building has sold to an owner-occupier for more than $4.1 million through agents Kliger Wood.
Located at 75-77 Bourke Street, the building was offered with vacant possession and has been held by the vendor since 1971.
Until recently occupied by a prominent art gallery, the property holds a central position in what is known as the Bourke Hill Precinct to the immediate west of the Hotel Windsor and east of the major redevelopment of the former Southern Cross Hotel site.
The property which also has rear exposure and car parking access from Westwood Place off Little Collins Street has a land area of 260 sqm and a net lettable building area of 500 sqm.
The property comprises the retail exposure at street level of effectively three shopfronts plus two upper floors and is zoned Capital City 1.which provides a wide range of unrestricted use potentials.
Kliger Wood selling agent Grant McKenzie said that the tender attracted significant enquiries with multiple tender offers submitted.
While the property is within a Heritage overlay and subject to the Design & Development Overlay restricting building heights in the Bourke Hill precinct to a maximum of 15 metres, the building is not included on the Victorian Heritage Register.
McKenzie said that the offer of 73-75 Bourke Street for sale presented a range of opportunities to capitalise upon the prime location in the premier restaurant and theatre precinct of the City, with its proximity to State Parliament and other revitalised buildings and new developments east of Russell and Exhibition Streets.
“Importantly this property fell within the category of smaller, well located buildings with character in a price range for which there has been very strong demand apparent in the Melbourne CBD recently,” he concluded.
Australian Property Journal
