Melbourne, 4 February 2014- A Sydney based Chinese legal firm has purchased a whole floor strata office in the heart of Melbourne CBD’s legal precinct for $1.45 million.
Situated at 256 Queen Street, the 14-level strata office building is located between Lonsdale and Little Lonsdale Streets.
The CBRE City Sales team of Tom Tuxworth, Chris Pharr and Ed Wright sold the sixth floor property on behalf of a local investor.
Mr Tuxworth Senior Manager at CBRE said the price had set a new record for the building, with the un-refurbished office space achieving just over $5,000 per square metre for the 288 square metre office space.
“Owners of strata office floors are now being alerted to the unprecedented pent up demand for owner occupiers to purchase and operate out of their own office floor as opposed to re-leasing in what is considered a soft leasing market,” Mr Tuxworth
“Activity within the Melbourne CBD strata office market has been exceptionally high over the past five months with offshore groups now joining mum and dad self-managed super fund (SMSF) investors in purchasing commercial office space.”
He added: “The low interest rate environment coupled with major depreciation and tax benefits has made this classification of property highly sort after.”
For Australian/international news or global stories, follow us on Twitter.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website atwww.cbre.com.au.