This article is from the Australian Property Journal archive
AUSTRALIA Post has sold a site at Bourke St in Melbourne's CBD to a Shanghai-based developer for $22 million.
The sale by Savills’ Clinton Baxter and Nick Peden is in one of the largest CBD development sites to transact in recent times.
Located at 640-652 Bourke St, the three level, part single level, office and warehouse uilding spans from Bourke to Little Bourke St. The Bourke St facade is heritage protected. There are currently three short term tenancies in place.
The agents said the property is located within one of Melbourne’s most exciting and rapidly evolving precincts, close to Southern Cross train station and only three tram stops from the Bourke St Mall.
Zoned Capital City 1, the property sits on a land area of 2,764 sqm and has permit for a 42 level Hayball-designed apartment project comprising 563 apartments.
“The sale of this property is another demonstration of the exceptionally strong buyer demand for CBD residential development sites, particularly developers originating from Mainland China, Malaysia, Singapore, Vietnam and Indonesia,” the agents said.
The sale comes hot on the heels of Hong Kong-based Far East Consortium’s $76 million acquisition of The Age site from ISPT.
Property Review
