A vacant 3-level building plus basement in the Melbourne CBD’s Flagstaff Gardens precinct has sold for $5 million after strong interest from a wide range of buyers.

The 448-454 La Trobe Street, West Melbourne property was sold through Fitzroys’ Chris Kombi, Chris James and Ben Liu, on behalf of Italian furniture design company UniFor.

The sale price reflected a high land rate of $14,409/sqm.

Constructed in 2006 and designed by acclaimed architectural firm Woods Bagot, the 750sqm building includes lift access, pre-cast concrete design with contemporary finishes, and triple-height void providing architectural impact and excellent natural light throughout the entire building.

“Private investors ultimately acquired the property, attracted to its contemporary light-filled design, and its prime positioning on the cusp of the Melbourne CBD’s West End, opposite Flagstaff Gardens and close to trains and multiple tram stops,” Kombi said.

“It’s a strong result considering office buildings around the CBD are becoming one of the harder asset classes to transact, due to uncertainty around tenant demand, future space requirements and new work-from-home mandates.”

James said local and national office and showroom occupiers, investors and land bankers all showed interest in the property, given its location directly opposite Flagstaff Gardens and Flagstaff train station, with a prime legal precinct address capturing high-value traffic from the Supreme Court, County Court and Magistrates Court, corporate towers, and the nearby Southern Cross train station and retail hub.

Liu noted the property is also close to the burgeoning Docklands dining scene, popular eateries and cafes along La Trobe Street, and the renowned Queen Victoria Market is moments away, all contributing to the increase in activity in the area underpinned by generational growth taking place in adjoining West Melbourne.