Lombard Building Sells For $9 Million

QUEEN Street’s historic Lombard Building, in Melbourne,  sold to a private investor at auction earlier this month for $9 million.

Recognised by Heritage Victoria as one of the city’s first office blocks developed with passenger lifts, the extravagantly designed eight-level, 2370 square metre building sold on a yield of 6.5 per cent, based on the asset’s annual income of $588,000.

Savills directors Clinton Baxter and Nick Peden received 67 bids from five separate bidders, before 15 – 17 Queen Street, which was built in 1888, sold to a Melbourne-based investor.

In July, another historic CBD building at 167 – 173 Flinders Lane sold for $13.31 million, to businesswoman Carol Schwartz.

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