The Australian Chiropractors Association – since last July led by The Naked CEO author, ex-CPA Australia chief executive, Alex Malley – has sold its West Melbourne base after 18 years.
The two storey office at 38-40 Dudley Street traded for $2.49 million – a 307 per cent increase on the $810,000 it paid in 2005.
Despite occupying a 251 sqm mixed use zoned block, it has limited upside, with the c1885 bluestone building, Alfred Terrace, being heritage protected.
However it did suit investors – with 200 sqm of unrenovated area and six car parks; opposite Flagstaff Gardens, it could return $120,000 per annum net, ex-GST.
Being vacant, owner occupiers were also targeted during a campaign by Jones Real Estate’s Paul Jones and Sam Guest.
Three suitors contested for Alfred Terrace, the first bid coming eight seconds after the auction started (story continues below).
Ten offers came in before a crowd of about 30.
The buyer was a local investor in the professional services sector.
“The return on investment from a transaction perspective is an excellent recent example of long-term investment performance across Melbourne’s inner-metropolitan ring, driven largely by the property’s mixed use zoning that makes it suitable for a wide variety of businesses spanning commercial, residential and hospitality,” Mr Jones said.
“Thanks to the property’s unique Victorian-era attributes, significant internal improvements and excellent city location, interest for the listing was very strong from the outset,” he added.
The ACA – the country’s largest peak body for chiropractors – hasn’t confirmed a replacement headquarters.
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