Melbourne, 12 May 2016 – A historic former church in Essendon has recently sold for $1.45 million, demonstrating the strong demand for well-presented stand-alone buildings within activity centre precincts.
Located at 1003 Mount Alexander Road, the 267sqm landholding was offered to the market as a vacant opportunity. The site currently features a gothic style church, which was built in 1870, providing a distinctive development opportunity for hospitality, residential or medical use.
CBRE’s Joshua Twelftree, David Minty and Sandro Peluso negotiated the sale, on behalf of a private investor.
Mr Twelftree said the site was acquired by a local medical practitioner, who plans to develop the existing building into a modern medical facility.
“The property drew significant interest from developers, investors and owner occupiers, underpinned by the location adjacent to Essendon North Shopping Village and within close proximity of Melbourne’s CBD.”
“Despite the site presenting a number of challenges - including heritage limitations hindering development potential, a lack of natural light and the small internal floor space - we were able to give confidence to buyers surrounding the scope of refurbishment and alterations to the existing building, leading to a strong sales result,” added Mr Minty.
