The Boating Industry Association of Victoria has sold its South Melbourne headquarters.
Despite being offered permit-ready for a six level office, 24-30 York Street has been picked up by an occupier which intends to use the double storey, 532 square metre building as is.
The sale price – $4.1 million – values each sqm of land at $11,295.
Gross Waddell ICRs Alex Ham and Michael Gross said the property was set to be auctioned twice earlier this year – plans which changed because of lockdowns.
At the third attempt – on Wednesday – the BIA got its wish.
The agents said a mix of investors and developers contested; the permit allowed for a 2156 sqm asset.
The site spreads 363 sqm (story continues below).
“We continue to see strong demand from owner occupiers to secure freehold buildings on the city fringe,” Mr Ham said.
“Both the purchasers and the underbidders planned to occupy the building’s current envelope and refurbish,” he added.
“While interest rates continue to stay low, we anticipate to see the owner occupier market stay incredibly strong”.
BIA, which only utilised about a quarter of 24-30 York St, is expected to buy or rent another headquarters in the area.
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