Investors vie for Bourke Street buildings

Next door, a classic two-storey building at 422-424 Bourke Street exchanged for $5.6 million under the hammer following 55 bids from five parties on a 3.01 per cent yield.


The deal valued the land at $31,461 per square metre.

Both properties sold through Colliers International’s Daniel Wolman, Oliver Hay, David Sia and Chris Ling in conjunction with Peter Lane of Lane Commercial Property.

Mr Wolman said the Bourke Street location and high pedestrian traffic sparked serious competition from a diverse group of buyers.

“These auctions represented a once-in-a-lifetime opportunity to acquire one of two stunning trophy assets in the heart of the Melbourne CBD,” he said.

In February a three-storey building leased to Japanese cosmetics store Hello Day at 185-187 Bourke Street, owned by two Sydney-based investors, sold off-market for $9.8 million.

Last year, the Auski-leased building on the corner of Bourke and Hardware Lane sold at auction for $11.57 million on a yield of 2.8 per cent.


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