Melbourne CBD strata portfolio in historic Manchester House changes hands: A strata portfolio of two large office floors and a retail unit within the Manchester House building on Flinders Lane has sold at around $10,000/sqm.
The offering had a total floor area of approximately 1,400sqm and was purchased by a not-for-profit organization.
Fitzroys agents Peter Weatherby and Alex Shum negotiated the sale on behalf of a private investor. The property is occupied by Chisholm Institute and operates as a hairdressing and beauty college.
Manchester House, at 234 Flinders Lane and positioned on the corner of Manchester Lane, was constructed through 1911 and 1912 to a design by architects Bates Peebles and Smart, and marked the entry of the old Adelaide clothing manufacturers, G & R Wills and Company into Melbourne.
Weatherby said the floors presented an opportunity to acquire part of one of the last remaining and pre-eminent
examples of the rag-trade warehouses that dominated the area in the first half of the 20th century.
The New York loft-style accommodation had been converted to highly sought after offices and features high ceilings, exposed brick walls, expansive feature windows, and abundant natural light.
The Manchester Lane retail unit is internally connected to the office floors, and links Flinders Lane with the prime Collins Street retail precinct.
“The sale price of around $10,000 per sqm was within our expectations, especially considering the rarity of such well located, large strata floors being offered to the market,” Shum said.
Weatherby said potential buyers were keen to acquire a rare large strata floor in a bustling location, opposite one of the main entrances of the new Town Hall Metro Station, and in the heart of this creative precinct which includes Degraves Street, Centre Place and Manchester Lane.