A former industrial facility turned New York-style office property in North Melbourne has been sold for $3.8million after a private investor beat two other buyers.
The building at 27-31 Munster Terrace in North Melbourne, is located about 1.5km north-west of the Melbourne CBD.
It has 2,447sqm of building space on a 940sqm site with each level serviced by bathroom and kitchen amenities and car parking at ground level accessed from Laurens Street.
The site has two street frontages of approximately 54m each to Laurens Street and Munster Terrace.
Colliers International’s Jeremy Gruzewski, in conjunction with ICR Property Group’s Raff De Luise, sold the building.
“Sold with vacant possession, this multi-level property offered flexibility which buyers were attracted to," Mr Gruzewski said.
The successful purchaser will look to lease the property and hold it as an attractive investment for their portfolio.”
The property next door 88-108 Laurens Street, North Melbourne was also recently sold by Colliers International, for $2.94million.
“This is an established and fast-evolving area of North Melbourne, which is undergoing a noticeable re-gentrification and offers significant redevelopment potential subject to council approval,” Mr Gruzewski said.
"Buyers are showing growing confidence in this area and seeing genuine opportunity for the future value of properties in the area. Being so close to the CBD and largely under-developed, compared to alternative fringe suburbs such as Richmond or South Melbourne, North Melbourne could and should be the ‘next best thing’.”