Melbourne, 14 December 2015 – A private investor has sold a premium freehold building in South Melbourne for $2.74 million.
Situated in a highly sought after inner-city bayside location, 93-95 Palmerston Crescent comprises a 530sqm three level freestanding building with rear site access and eight onsite car parks.
CBRE’s Paul Tzamalis in conjunction with Nick Lower and Tim Last who negotiated the sale to a multinational IT firm, said the property’s premium location was a key factor underpinning the sale.
“Located within walking distance of the Melbourne CBD, arts and sporting precincts, as well as the Crown Entertainment complex, this property represented an outstanding investment opportunity,” Mr Tzamalis said.
“Sold with vacant possession, this property holds scope for future development, particularly given the strong demand for residential and commercial space in the South Melbourne precinct.”
The property is positioned on 248 metre site and benefits from unobstructed views towards the CBD from levels one and two.
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 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 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 at www.cbre.com.