A classically designed Victorian-era freehold building in a Melbourne CBD lane has been sold at auction for $10.8 million at a yield of 4.0 per cent.
Approximately 108 people attended the auction of the property at 8 Drewery Place, with a total of 46 bids received.
The five-level freestanding building sits on a prominent corner with three street frontages. It formerly housed Sniders and Abrahams cigar manufacturing factory dating back to 1890. This part of Melbourne saw a concentration of tobacco oriented firms that established large factories and warehouses in the late Victorian-era and Edwardian period.