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Melbourne Laneway Property Sold Under The Hammer

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A private buyer has fought strong competition to scoop one of Melbourne’s most iconic laneway buildings, Campari House, for $8.1 million at auction.

Located at 21-25 Hardware Lane, the four level building comprises two commercial kitchens, restaurant, private guest room and rooftop bar.

Named after Hardware House in the 1920s, Hardware Lane was built on, and formerly occupied by, Kirk’s Horse Bazaar – a horse and livery trading centre built in 1840 by James Bowie Kirk.

CBRE Melbourne City Sales agents Josh Rutman, Mark Wizel, Paul Tzamalis and Tom Tuxworth handled the sale, which reflected a record land price of $45,505 per square metre.

Mr Rutman said the property attracted strong buyer interest, with six bidders contesting the auction.

“This is a clear indication of the market’s confidence in the central CBD retail market,” Mr Rutman said.

“Buyers, both locally and from offshore, have made their intentions clear to control their piece of the city with a view that it will continue to thrive off the back of strong population gains.”

He added: “In what is becoming a growing trend, the vendors, who only purchased the property two years ago, recognised the opportunity to capitalise on the market’s recent growth and the unprecedented price levels being achieved in the marketplace.”

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Article originally posted at: https://https://theurbandeveloper.com/articles/21-25-hardware-lane-melbourne