Laneway office building to be turned into a high end showroom

Melbourne, 1 July 2014- A local Melbourne business owner has purchased a 447sqm showroom at 11-19 Bank Place for $1.9 million.

Located on the ground floor of an historic six level office building between Collins St and Little Collins St, the property consisted of a ‘cold shell’ and needed considerable capital expenditure.

Tom Tuxworth, Chris Pharr and Ed Wright from CBRE Strata Projects sold the property on behalf of a local restaurateur.

Mr Tuxworth said the property sold only ten days into the campaign and well before the official close date, reflecting how in demand well located CBD strata office properties are.

“The team received over 35 enquiries in the first week alone showing the pent up demand for well-located CBD strata offices,” Mr Tuxworth said.

The price achieved equates to $4,250 per square metre and the purchaser plans to open up a showroom for his high end appliances company.