Queen Street office trades for discount
Developer Morry Schwartz has swooped on an under-utilised Melbourne CBD office after a much pricier deal early last year fell through.
The small investment – 12 levels with 4682 square metres on 508 sqm at 99 Queen Street is costing about $16 million.
It was a surprise listing in May, following a successful campaign last year, when it achieved $30m.
Working against it this time was a high vacancy – 62 per cent – with the balance of leases due to expire in less than 12 months.
Demand, too – be it from office buyers and tenants seeking B-grade product – has not improved since 99 Queen St was last offered 18 months ago (story continues below).
Cushman & Wakefield’s Daniel Wolman, Oliver Hay and Leon Ma were the agents.
The deal comes a week since we reported a Mornington retail investment which traded at auction in 2021 for $12.8 million, but never settled, sold again for $6.25m, following a major drop in income.
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