Pawsitively Purrfect Melbourne laneway building sold at auction for $4.4m
The Melbourne CBD laneway home of Australia’s first cat café has sold at Auction for $4,400,000.
12 Sep 2019
CBRE’s Melbourne City Sales team of Julian White, Alex Brierley and Nathan Mufale marketed the sale of 30 Guildford Lane - a two-level, fully leased character building in one of the city’s most tightly held laneways.
The 265sqm building is currently leased to Cat Café Melbourne, which was established in 2014 to increase awareness of the benefits of rescue animals.
Situated in a prominent CBD location, just 200 metres from Melbourne Central and Elizabeth Street, the building featured high ceilings, rear lane access to Flanagan Lane and significant future rental upside, with the opportunity to reposition the property as multi tenancy hospitality/retail/office accommodation.
Mr Brierley commented that Guildford Lane had benefitted from the City of Melbourne’s Greening Our Streets policy, which has driven improvement of the precinct – along with the addition of some high-quality tenants.
“This result has set a new benchmark in what is still one of Melbourne’s quieter laneway locations, with a land rate of over $33,000 per square metre and a building rate over $18,500 per square metre – these levels are in line with some of Melbourne CBD’s recent main street deals,” Mr Brierley said.
CBRE Director Julian White added that the result had set a new benchmark for Guildford Lane, which has long been the quiet cousin of the more active Hardware Lane, just to the south.
“The building rate and land rates achieved are a clear sign that even secondary Melbourne CBD locations are achieving premium results, when positioned strategically in the market,” Mr White said. For Australian/international news or global stories, follow us on Twitter: @cbreaustralia
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at https://www.cbre.com.