The Salvation Army is pocketing c$13.4 million for its Mont Albert headquarters, 12 kilometres east of Melbourne.
The incoming owner is expected to refurbish the three-level, 3775 square metre building, 3–7 Hamilton Street, as a mixed use asset comprising offices, retail and residential.
The vendor has occupied since 1994.
In late 2006 it issued a leasing requirement for a replacement in the city’s middle and outer eastern suburbs; later settling on a workplace in Railway Parade, Blackburn, which it will move to next month (story continues below).
Colliers International selling agent Peter Bremner brokered the Mont Albert deal but declined to elaborate on buyer, price or terms.
In a leafy pocket opposite the Mont Albert train station the property was expected to attract interest from medium density residential developers.