Record Price for Melbourne CBD retail asset
After an extensive sales campaign, CRS Property has just concluded a record sale for a standalone property.
Located at 268 Russell Street Melbourne, this double story property is ideally located opposite QV and whilst securely tenanted, has some exceptional upside long term.
“This result adds further weight to what we have known for a while now – key CBD locations with upside are highly sought after and investors are prepared to look at the long term benefits of these assets” said Ross Mercorillo, Managing Director of CRS Property.
With a building envelope of 160m2, the final sale price of $3.5mil represents a rate per square metre of $21,875 on GLA and a land rate per square metre of $40,220. This is a record for this pocket of the Melbourne CBD.
The land was 87m2
Lincoln McConnell-Brown, Head of Asset Management added “The property was ultimately purchased by a local investor and having managed the asset for over 20 years, look forward to continuing our relationship with it for the new owners”.
The sale was conducted by Lou Montalti, Associate Director of CRS Property who said that we had over 100 enquiries throughout the campaign - with much interest through our links to mainland China from off-shore purchasers looking at securing a piece of Melbourne’s CBD.
Lou Montalti can be contacted on 96701255.
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