It is the latest in a string of transactions, which has propelled South Melbourne to be the most active Melbourne city fringe market in 2019.
A local private investor acquired the three-level building, which provides 1,369sqm of net lettable office and retail space. The asset occupies a 595sqm corner site, offering a favourable mixed-use zoning.
“More owners are looking to sell to capitalise on the current market conditions, as the shortage of Melbourne CBD office supply reaches a 10-year high. With rents in the city fringe climbing at 16% over the past 12 months, owner occupiers, tenants and investors are scrambling for space, which is driving strong sales results,” Mr White said.
Mr Kilner noted; “South Melbourne is now the city’s most in demand city fringe market. Access to beachside suburbs, St Kilda Road and the Melbourne CBD coupled with South Melbourne’s famous cafes like St. ALi are what makes the suburb so appealing to all buyer types.”
South Melbourne is set to benefit from the Victorian Government’s $11 billion Anzac Station development at the intersection of Park Street and St Kilda Road, approximately 500m from the property – allowing easy access to the Melbourne CBD and inner northern suburbs.
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