Investor buys two CBD assets in a week
Private investor Huiming Gu has purchased Melbourne’s c1922 Swanston House for $18.02 million.
The seven storey 1503 square metre office and retail building was offered by the Conos family with vacant possession.
Mr Gu’s was the only bid at an auction last week; the offer came in well over guide, the agents said.
Nine competitors were registered.
The deal comes a week since Mr Gu, it is speculated, outlaid $32.61m for a two storey retail building with development upside at 272-282 Lonsdale St near entrances to Melbourne Central and Emporium Melbourne.
Swanston House
Colliers’ Daniel Wolman, who marketed Swanston House with Leon Ma and Oliver Hay and Alexander Robertson’s Kristian Peatling and Warwick Bramich, said the Nahum Barnet designed property is passed by over 17,000 people per day (story continues below).
The sale price values the land at over $95,000 per sqm, he added.
The asset is expected to be reoffered for lease, possibly after a refurbishment of the already modernised space.
A rooftop could also be activated, the agents said.
“Despite interest rate rises, we have witnessed a strong demand for quality commercial property across all asset classes in Melbourne,” according to Mr Ma.
“Properties along Swanston St, which acts as the retail spine that…connects various retailers in the CBD, have long been tightly held with only four put to the market during the past decade,” he said.
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