Another inner-city police site sells

The view of SP Setia’s Sapphire by the Gardens from Louisa Terrace’s balcony.

Victoria Police Legacy has sold Carlton’s historic Louisa Terrace held for nine years.

Within the South Drummond Street precinct – just, at the busy south west corner of Queensberry – the c1893 home-office attracted four bidders at auction.

The last two, also owner occupiers, knocked it down to $3.375 million – well over the $2.25-$2.4m guide.

The not-for-profit will now relocate to Burwood East.

Runaway result

With eight principal rooms – Louisa Terrace attracted occupiers considering it for either full residential or commercial use; the buyer is intending both (story continues below).

Louisa Terrace in 2013.

Belle marketing agent Scott McElroy said the mixed-use zoning was a feature.

“Regardless of interest rate movements, which have been predicted to go up for some time, the fundamentals of A-grade property never change,” he added of the runaway result.

The deal comes a week since we reported the outgoing Police Association of Victoria headquarters at East Melbourne sold for a speculated $22m.

Colliers’ Oliver HayMatt StaggDaniel WolmanPeter Bremner and Leon Ma were the agents.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of