Helen Sykes sells 175 Flinders Ln

The eight floors at 175 Flinders Lane are strata titled.

Businesswoman Helen Sykes has sold 175 Flinders Lane.

The $25 million deal with a local private investor group reflects a 2.5 per cent yield.

Each of the eight floors are strata titled; Chris Lucas operates high-end restaurant Kisume from the lower three levels while the upper storeys are fit out with offices.

Price exceeded expectation

With 1658 square metres of area, the c1937 Flinders Ln building carried c$20m price hopes when it was listed in May.

Colliers’ Daniel Wolman, Oliver Hay and Leon Ma with Killen Thomas’ John Camilleri were the agents.

Ms Sykes paid $9.8m in 2014.

The sale comes three months since Justin Hemmes spent $43m on the historic Tomasetti House, at 277 Flinders Ln (story continues below).

In April Fidinam paid Swinburne University $40.7m for Invicta House (226-232 Flinders Ln).

Also, recently, the state government outlaid c$40m to snap up the ex-Yooralla headquarters, on Flinders Street, with plans to repurpose it as a safe-injecting room.

“The [175 Flinders Ln] campaign generated a strong level of demand and enquiry, primarily drawling interest from local and offshore high-net worth private investors,” Mr Wolman said.

“Lack of quality stock and opportunities in the market is creating pent-up demand and competition between buyers, a testament to the true strength and confidence in the Melbourne CBD market,” he added.

More to come.

Subscribe to our newsletter at the bottom of this page.

Share or Recommend article

Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.