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377-379 Little Bourke Street, MELBOURNE

Raoul Salter and Michael Gross of Gross Waddell have sold 377-379 Little Bourke Street via auction for $5,810,000.

Raoul Salter of Gross Waddell, commented, “Not surprisingly there were over 150 registered enquiries for this prime freehold property. Given its location and the fact that there are limited opportunities in the sub $10m category in the CBD there was significant competition.”

With a gross building area of 766m2* over three (3) levels and a passing income of $212,180 this appealing property is located in the heart of Melbourne Central Business District (CBD) and within close proximity to Melbourne’s major retail activity centre.

Similar to Gross Waddell’s recent sale of ‘The Society Restaurant’ the auction which required no vendor bids attracted a large crowd of over 200 people and a total of 28 bids. Benefitting from three (3) frontages there was significant interest in the property that came from both ‘on’ and ‘off-shore’ buyers with the eventual purchaser being a local investor keen to secure a superbly located asset with future potential.

The property sold for a land rate of almost $21,842/m² and a very tight yield of 3.65% on the passing income. This suggests that demand for CBD assets remains unabated.