Chinese Investor Pays $12m For Melbourne Commercial Building

An investor from China has paid $12 million for a Queen Street property in Melbourne’s CBD, in an off-market deal brokered by Savills CBD Sales Directors, Clinton Baxter and Nick Peden.

Mr Baxter said the 338 Queen Street property had sold with vacant possession on a land rate of $41,379 a square metre, which had been a very good result for the vendor. He said the fact that the purchaser had flown into Melbourne for one day to view the property demonstrated the intense demand for prime CBD properties with significant potential to add value.

The four level, 930 square metre building, which occupies a high profile position on the corner of La Trobe Street, comprises ground level retail and three upper floors of office space on a 290 square metre site zoned Capital City 1.

Mr Baxter added that as the property was sold with vacant possession it provided the purchaser with complete flexibility to occupy, convert or even redevelop.

 

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