Private investor Yong Quek has scooped up a heritage listed property on Collins Street in Melbourne for $35 million.
It's the first time 395 Collins Street has been on the market in close to 20 years.
The Australian Financial Review reported that the deal was in due diligence and was being struck on a yield below 6 per cent.
The iconic building from the 1890s sits on a land parcel of approximately 1,012sqm and has a net lettable area of 5,781sqm.
The fully leased net income of the building is $2,025,000 per annum.
The 10-storey building is located on the corner of Collins Street and Queen Streets and has rear lane access.
The sale of 395 Collins Street was handled by JLL.