CBD East End Buildings Sell For $22.35 Million
Co-founder of construction software firm Aconex, Rob Phillpot, has acquired the adjoining city buildings at 37 and 39-41 Little Collins Street in separate deals.
The triple-fronted, three-level building of 511sqm at 39-41 Little Collins Street sold for $16.5 million. It is home to Italian restaurant Lupino on the ground floor and Alternative Technology Association on level one, while the upper levels are partly leased on short-term deals.
Next door, the two-storey brick building of 175sqm, with a distinctive arched window, traded for $5.85 million and is leased to tapas venue Bar Lourinha.
The buildings are next to the Sheraton Hotel, and had been held by the Mathews family for nearly 50 years.
Eastern Suburbs Offices Still Enticing Investors
A local private investor has won out from developers to secure the Kew Corporate Centre for a figure around $19 million to $20 million, according to The Age.
The 3,520sqm office complex at 830-932 High Street and 1401 Burke Road has four buildings as well as 111 parking spaces on a 4,864sqm site. Offloaded by the Devitt family, it traded at a sub-4% yield with 92% occupancy. Fully leased, the asset could return $823,745pa.
It follows the three-level 3,361sqm Kew building at 79-83 High Street selling for $19 million, in a deal negotiated by Fitzroys’ Paul Burns in conjunction with Kelly & Kelly.
In other recent deals across the eastern suburbs, investor Wei Zhou bought the three-level 4,303sqm office building at 19-23 Prospect Street in booming Box Hill for around $22 million, while China-backed Poly Holding acquired two three-storey Burwood Highway office buildings in Forest Hill, on a 2.62ha block opposite Tally Ho Business Park, for $45.85 million.
The property is next to the 5.68ha Hewlett Packard office campus site that Poly purchased last year for $88 million.
Disclosure: Fitzroys Property Wrap is for information only on transactions in the Melbourne property market. Fitzroys provides this information as a public service. We are not purporting that all sales and leases within this report were transacted by Fitzroys. Terms/Privacy © Copyright 2019 Fitzroys.