The 458sqm site, which features an older-style, 800sqm office building, was sold on behalf of owner occupier Menzies Education Institute.
The purchaser was Shangyi, a Chinese backed developer with numerous projects underway in Melbourne. The property also attracted interest from education groups, developers, occupiers and investors.
“The depth of interest, and the fact that developers are back outbidding occupiers and investors for properties of this nature, highlights that the market is clearly in a recovery phase,” Mr White said.
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