Melbourne is seeing an increase in commercial sales prices, indicating a healthy market for commercial property investors.
Melbourne Cityscope recently reported on several sales where the sales prices show a healthy increase, showing that the Melbourne market is performing well for both short and long term commercial property investors.
Bourke House, at 179 Bourke Street has just exchanged for $33 million with the purchaser still undisclosed. The sale was arranged by Gross Waddell and CBRE Melbourne and the vendor, Unicorn Hotel Nominees Pty Ltd, is a private company owned by Carole Hart of Hawthorn.
Bourke House, built in 1923, is a 6-storey concrete building with five street-level shops. An extensive renovation of all the office and retail areas was completed in 1996 and 1999. With a net lettable area of 1,500 sqm, the building’s major tenants include Crone Architects, HM Group and Space. The building last traded at $11.5 million in 2014.
Also on Bourke Street, at number 23, an older decorated 3-storey brick building has sold at auction through Gross Waddell for just over $8 million. The 468 sqm building was the home to renowned restaurant, Society, for over 90 years after being established by Italian immigrant, Guiseppe Codognotto in 1924. The building last traded in 1981 when the Codognotto family bought it for $400,000.