A' Beckett Street Property Sold For First Time In Half A Century


A two-level sandstone building in the Melbourne CBD changed hands for the first time in 55 years after outstanding buyer interest resulted in a sale before auction.

Colliers International’s Daniel Wolman and Oliver Hay sold 71-73 A’Beckett Street for $3.4 million before it was due to go to auction on May 13 on behalf of the Victorian Spiritualist Union, who has owned and occupied the property for 55 years.

More than 150 enquiries and several offers were received throughout the campaign.

“One of these offers, which was received less than 24 hours before the auction, was simply too good to refuse," Mr Wolman said.

“The eventual sale price of $3.4 million was well above the reserve. In fact, it was 21% above the asking price."[urbanRelatedPost][/urbanRelatedPost]The 258 sqm sandstone building is located on A’Beckett Street, between Elizabeth and Swanston Streets.  It is close to Queen Victoria Market, Melbourne Central Station and RMIT University.

“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.

“The Melbourne CBD was once made up of classic, historic and boutique buildings. Today, many of these buildings have made way for high-rise modern towers and the streetscape of our city is constantly evolving. What we had here was an opportunity for a purchaser to get their hands on one of the last remaining sandstone freestanding buildings right in the centre of Melbourne’s traditional CBD grid.”

On the back of this sale at 71-73 A’Beckett Street, Colliers International has been appointed to sell nearby 53 A’Beckett Street by auction. It is leased to a popular Asian restaurant and Investor Wealth, a well-respected financial services group.

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