Melbourne East-End office assets in high demand

Melbourne, 26 March 2014 – A private investor has acquired a prominent office property in Melbourne’s East-End for $1.6 million.

Located on the second level of 100 Collins Street, the 293sqm un-refurbished office property comprises several older style medical rooms, as well as a large reception area.

The CBRE City Sales team – Tom Tuxworth, Ed Wright and Chris Pharr – negotiated the sale on behalf of the vendor, a women’s medical clinic.

Mr Tuxworth said the property attracted strong buyer interest during the sales campaign.

“With more than 40 inspections during the Expression of Interest sales process, it was abundantly clear that there is pent up demand for Melbourne CBD East End office properties such as this,” Mr Tuxworth said.

“As a result of strong competition for this asset, we were able to achieve a positive sales result equating to $5,460 per square metre for space that needed a complete refurbishment.”

The buyer plans to refurbish the entire office floor and lease it out.