Another art deco attracts marathon auction
Investors snapped up two small commercial properties at the top of town this month.
In the biggest deal, two locals saw out an hour-long auction for 483-485 Elizabeth Street, which was knocked down after 158 bids for $12.025 million.
Five suitors contested for the four level retail and residential London & American Supply Stores building, on a 263 square metres Capital City 1 zoned block, in a 24/7 precinct near the Queen Victoria Market.
The internal area is 711 sqm.
There is also a rooftop terrace, which could be converted for commercial use.
Colliers’ Anthony Kirwan, Oliver Hay, Daniel Wolman and Leon Ma represented the vendor, the occupier of three decades.
The result, they added, reflects a 1.63 per cent market yield.
It was also $3.525m over reserve.
The sale comes four years since Mr Wolman sold 220 Bourke St, in what is believed to be Victoria’s longest commercial auction, running 135 minutes, attracting 661 offers.
Travel Group co-founder Spiros Alysandratos bought that building which, like 483-485 Elizabeth St, is an art deco (story continues below).
The price – $15.205m – came in nearly $6m over the first bid.
Maiden Australian deal
Meanwhile a Vietnamese family, in its maiden Australian deal, has paid $10m for 365 Lonsdale St – near Elizabeth St, but four blocks closer to the GPO building.
It contains 1115 sqm over three levels – offices above ground floor retail.
The 415 sqm block also faces Whitehart Lane.
The same agents brokered this deal, following an expressions of interest campaign.
“Despite rising interest rates we are receiving countless active buyers and underbidders from such campaigns eager to secure commercial assets…particularly properties with rental upside and value-add opportunities within the Melbourne CBD grid” Mr Hay said.
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