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Hammer falls at $14.5m on former Melbourne laneway nightspot

Property Markets / Transactions

Australia / Melbourne

Oct 23 2018

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McKillop House – the home of a former Melbourne laneway nightclub – has sold for $14.5 million after a hotly contested auction that attracted almost 300 people. 

A Melbourne developer fought off strong competition to secure the vacant freehold building at 12 – 14 McKillop Street – located between the new 405 Bourke Street development and CBUS’ recently acquired 140 Queen Street. 

CBRE’s Melbourne City Sales team of Mark Wizel, Josh Rutman, Nathan Mufale and Dylan Kilner managed the sale campaign

“In front of more than 280 attendees, including a number of prominent industry players, bidding commencing at $8 million and quickly rose to $10.2 million as four local and overseas bidders pursued the property. Following several referrals to the overseas-based vendor, the property was declared on the market and eventually sold for a strong price of $14.5 million,” Mr Wizel said. 

“The heritage-listed property, which will require significant refurbishment to reach a standard for future retail or office occupation, sold for a building rate of approximately $13,000 per square metre – a rate that is normally reserved for finished product in the Melbourne CBD.” 

Mr Wizel said the sale result highlighted the demand for well-located assets in the Melbourne CBD. 

“There are very few sub $20 million assets like this remaining in the Melbourne CBD. This transaction reflects the continued flight to quality occurring, where prominent groups are looking to invest in proven locations, even if this means they need to pay a premium for the opportunity.”

The property is located behind the former Kozminsky Jewellery building, which sold 12 months ago, for more than $7 million. 

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