Legal precinct building fetches $6.9m
The former PRD House, in Melbourne’s Legal precinct, has sold to a local investor.
The six storey 978 square metre investment, 410-412 Lonsdale Street, collected $6.854 million.
Partially leased, this reflects a 2.8 per cent net passing yield.
The 208 sqm Capital City 1 zoned site, also facing Finlay Avenue – a block from the Hardware Lane restaurant strip – could also be fully redeveloped.
Cushman & Wakefield’s Daniel Wolman, Anthony Kirwan Leon Ma and George Davies were the agents (story continues below).
Four offers came in following an expressions of interest campaign, they said.
The deal comes three months since Charter Hall quietly sold a nearby office, 200 Queen St, to key occupier, Barristers Chambers Limited, for c$190m.
Last November meanwhile, the Harry Norris designed Art Deco Mitchell House, on the corner of Lonsdale and Swanston streets, also traded, after over 50 years.
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