Melbourne, 18 November 2013 - Two properties in Melbourne's legal precinct have been sold for $20.1m to prominent Melbourne developer Central Equity.
Located at 556-566 Lonsdale Street and 13-25 Healeys Lane, the existing buildings have a combined lettable area of circa 3,221 square metres and are leased to multiple retail and office tenants mainly associated with the legal industry.
It is understood that Central Equity has purchased the sites with a view towards a future residential development in a precinct of the Melbourne CBD that has continued to gain momentum
CBRE Melbourne City Sales and Gross Waddell acted for a private family in the sale of the properties which were offered to the market for the first time in over 25 years.
The properties have a combined site area of approximately 2,173sqm and are situated between King and William streets.
“This transaction speaks volumes for the confidence that both local and offshore buyers have in the Melbourne CBD,” selling agent and CBRE Director, Mark Wizel, said.
“Both CBRE and Gross Waddell handled significant levels of interest from local and overseas buyers for this offering,” Gross Waddell selling agent Andrew Waddell said.
“We were pleased with the response to the campaign which attracted eight bidders and a short list comprising two local groups and two groups from China.”
In an emerging trend within the CBD, the sale is one of many recent transactions involving development sites without a planning permit.
Mr Wizel said this suggested that developers understood the opportunities and limitations involved with different parcels of land in different locations in the Melbourne CBD.
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