The properties were purchased by a Perth-based investor and developer, who plans to retain the buildings as an investment, but redevelop the site in the future. The property sits on a 2788 square metre block of land with frontage to Clarke, Chessell and Market Streets. It includes two refurbished office buildings totalling 1932 square metres, and a car park.
Knight Frank selling agent Michael Hede, who sold the property with Nick Peden, said South Melbourne is poised for a major transformation, because many precincts around the site are set to be rezoned from Industrial to Business use.
He said Perth-based property investors have been increasing their presence in the Melbourne market. “Melbourne remains more affordable in comparison to the high prices commanded for similar sites in their own home town.”
Meanwhile nearby in Albert Road, the Victorian Health Care Association has sold its former office for $2.5 million. The 3-level building included 608 square metres of office space and parking for 15 cars. Colliers International selling agent Tom Ryan said an owner occupier made a bid on the property before any formal marketing commenced.