Melbourne, 6 May 2014 – An offshore Chinese developer has purchased an open plan office in the Melbourne CBD for $1.26 million after a competitive sales process.
Tom Tuxworth, Chris Pharr and Ed Wright of CBRE Strata Projects negotiated the sale of the entire fourth floor office property at 20 Queen Street. The 420sqm un-refurbished space comprises an older style fit-out, incorporating a boardroom and executive offices.
The property attracted an unprecedented level of buyer enquiry, with more than 35 inspections undertaken by a range of local owner occupiers and offshore groups. The property, which was sold at a rate of $3,000 per square metre, received five expressions of interest to purchase.
Mr Tuxworth said the new owner planned to use the property as its new Melbourne headquarters.
“Offshore developers who have been highly active in purchasing large development sites in the Melbourne CBD are now looking for commercial office space for their headquarters,” Mr Tuxworth said.
“Offshore groups are now competing with local owner occupiers and investors, resulting in competitive buyer demand and strong prices consistently achieved.”
20 Queen Street is an eight-level strata titled commercial office building located between Flinders Street and Flinders Lane.
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