The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
FULL PROGRAM RELEASED FOR URBANITY-25 CONNECTING PROPERTY LEADERS ACROSS THE ASIA PACIFIC
FULL PROGRAM RELEASED FOR URBANITY-25 WHERE THE PROPERTY INDUSTRY CONNECTS
VIEW FULL AGENDADETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
RetailStaff WriterThu 13 Aug 15

A’Beckett Street Heats Up As Third Building Sold in Three Months

1

A third neighbouring building on Melbourne's A’Beckett Street has been snapped up by an Asian investor in as many months as local and offshore buyers battle for well located CBD assets.

Colliers International’s Daniel Wolman and Oliver Hay have sold 55-59 A’Beckett Street in Melbourne to a private Malaysian investor for $9.8 million following an Expressions of Interest campaign which attracted more than 80 enquiries.

“This is the third freestanding building that our Melbourne City Sales team has sold on A’Beckett Street in the past three months,” Mr Wolman said.

“The property attracted enormous interest from several local and offshore groups, particularly due to its significant development potential, however it was a private Malaysian buyer who managed to outbid the competition.”

The two-level commercial building was located on 323 sqm in the heart of the Melbourne CBD retail core with dual street frontage via A’Beckett Street and Literature Lane and exposure to high foot traffic assisted by its proximity to nearby RMIT University, Melbourne Central and Queen Victoria Market.

It follows the sale of 51-53 A’Beckett Street in June and 71-73 A’Beckett Street in May by Mr Wolman and Mr Hay.

The classical, two-level building at 71-73 A’Beckett Street changed hands for the first time in 55 years after outstanding buyer interest resulted in a sale before auction. It was sold for $3.4 million on behalf of the Victorian Spiritualist Union, an eventual sale price that was 21 per cent above asking price.

51-53 A’Beckett Street, a three-level office and retail building, was sold on behalf of two local private investors. The auction attracted a 100-strong crowd, with five bidders making 20 bids before the property was knocked down for $4.6 million.

“This section of Melbourne’s CBD is currently seeing, and has over recent years, seen incredible redevelopment and considerable uplift which has been driven by high rise residential living and low office vacancy levels,” Mr Wolman said.

“We are seeing a surge in activity as vendors move to take advantage of current market conditions, taking advantage of the fast-moving, strong CBD environment.”

 

RetailResidentialOfficeAustraliaMelbourneReal EstateSector
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
ADVERTISEMENT
TOP STORIES
Nation's build-to-rent project Charlie Parker in Sydney's Parramatta where more projects are being located and built outside the CBD.
Exclusive

Foreign Capital Still Dominates BtR but Things are Changing

Marisa Wikramanayake
7 Min
Exclusive

Fortis Reveals Plans for Coveted Bowen Terrace Site

Taryn Paris
4 Min
Exclusive

Accor Deputy Delivers Verdict on Brisbane Games Hotel Shortfall

Phil Bartsch
6 Min
Qld Budget 2025-26 Brisbane City
Exclusive

Billions Promised, Now Deliver: Industry’s Qld Budget Verdict

Vanessa Croll
6 Min
Medium Density housing in NSW
Exclusive

NSW Budget ‘Groundbreaking’ $1bn Guarantee to Unlock Housing

Leon Della Bosca
7 Min
View All >
Sydney developer Platino Properties is planning a near 350-unit seniors development on the Northern Beaches as it continues to expand its over 55’s portfolio. The concept application extends the Skyline Place seniors precinct and is for 1 and 3 Skyline Place, Frenchs Forest.
Retirement & Aged Care

Platino Plans Northern Beaches Seniors Expansion

Renee McKeown
A rendering of the three-storey apartment project Arca by Red & Co at Stafford near Brisbane.
Residential

‘Confident’ Red & Co Starts Work on Stafford Apartments

Marisa Wikramanayake
Genesis Street Frontage 3D Concrete Printed Duplex with Nick Holden
Technology

Australia’s First 3D-Printed Duplex Halves Build Times

Leon Della Bosca
The founder of Contour3D says Australia’s first printed duplex project proves the tech can sort the housing shortage at …
LATEST
Sydney developer Platino Properties is planning a near 350-unit seniors development on the Northern Beaches as it continues to expand its over 55’s portfolio. The concept application extends the Skyline Place seniors precinct and is for 1 and 3 Skyline Place, Frenchs Forest.
Retirement & Aged Care

Platino Plans Northern Beaches Seniors Expansion

Renee McKeown
2 Min
A rendering of the three-storey apartment project Arca by Red & Co at Stafford near Brisbane.
Residential

‘Confident’ Red & Co Starts Work on Stafford Apartments

Marisa Wikramanayake
2 Min
Genesis Street Frontage 3D Concrete Printed Duplex with Nick Holden
Technology

Australia’s First 3D-Printed Duplex Halves Build Times

Leon Della Bosca
3 Min
Industrial

Cadence Nabs Logistics Portfolio for $170.5m

Taryn Paris
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/abeckett-street-heats-third-building-sold-three-months