Melbourne, 11 February 2016 – A Melbourne investor has acquired a footprint in Australia’s music circuit, after snapping up the home of Cremorne’s Sing Sing Recording Studios for $4.55 million.
In operation for more than 33 years, the Sing Sing Recording Studio is one of Australia’s leading music hubs, having accommodated international acts including Jay-Z and Kanye West, as well as home-grown artists such as Matt Corby and Midnight Oil.
Located at 1-3 & 5-9 Gordon Street, the 852sqm landholding comprises an 852sqm office/warehouse building with more than 45 metres’ frontage onto Gordon Street.
CBRE’s David Minty, Ed Wright and Jamus Campbell negotiated the transaction on behalf of a private vendor, with the sale price reflecting a land rate of $5,340 per square metre.
Mr Minty said the property attracted strong interest from both local and offshore investors, as well as developers and owner occupiers.
“The opportunity to secure this Cremorne icon was met with a strong flurry of interest, with its premium location and established reputation some of the key selling factors,” Mr Minty explained.
“This early new year sale reflects the continued interest and appetite from buyers to secure development opportunities, and is a great sign for property owners considering selling in 2016.”
Mr Wright added: “With the turbulent share market conditions at present, we expect to see more investors looking to reallocate capital to investment classes that pose less risk, such as real estate.”
The sale is evident of the growing momentum from buyers to secure property in the Cremorne area, with the sale of 1-3 & 5-9 Gordon Street being the third property successfully transacted by the CBRE Victorian Development Sites team in a matter of months (4-6 Cubitt Street and 2-12 Gwynne Street, Cremorne).
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