This article is from the Australian Property Journal archive
AFTER just 20 days on the market, the South Melbourne office building home to architects Ewert Leaf has been snapped up by a local investor for $10.2 million before the close of an expressions of interest campaign.
Architects Will Leaf and Toby Ewert, with Ed Farquharson, the owner of developer Moda, bought the site in 2018 for $6 millon with plans to refurbish the entire building and then sell.
Colliers agents Ted Dwyer, Ben Baines and Daniel Wolman, in conjunction with Alex Ham and Michael Gross of Gross Waddell, sold the four level, 1,078 sqm fully refurbished building at 49-51 Stead St.
“Massive interest was received from local and national investors who saw this particular South Melbourne as having great fundamentals,” Dwyer said. “With its proximity to the CBD, the new ANZAC station and walking distance to Albert Park Lake, the location offers its tenants endless lifestyle amenity.”
He said the property was “arguably the best office building in the precinct” following an extensive recent renovation that was completed in July, and with 321 sqm north-facing floor plates.
“The landmark office investment has been sold prior to the close of the EOI period after an offer was tabled for a price and terms well in excess of expectations. Further to this, the successful purchaser, a local private investor, was seen as a great future landlord from Ewert Leaf’s perspective.”
The whole of the property is leased to Ewert Leaf and occupied by Ewert Leaf and associated businesses. Built in 1985, it has ground floor retail and commercial premises and three upper levels of open light filled commercial floor plates, and has six undercover car spaces accessed from Palmerston Cr.
