The Melbourne Theosophical Society has put its 124-130 Russell Street CBD building on the market asking approximately $20 million. MTS purchased the property for $180,000 in 1972, having held the asset for 45 years.
Located directly opposite the new QT Hotel, the substantial five level retail and office building totals 2591 square metres on a 519 square metre site with nearly 22 metres frontage to Russell Street and a second frontage to Melbourne Place of 21 metres.
Savills is representing the property and said the building represented one of the best CBD purchase opportunities to hit the market in 2017.
"Opportunities like this simply do not come up very often. The fact that the building has been held for nearly 50 years is testament to that,’’ Savills marketing agent Nick Peden said.
He said while the property was fully leased to a number of tenants on short term agreements, it offered significant upside as it is with the current very low net rental representing massive growth potential.
"The property has extraordinary upside from a rental point of view alone without taking into consideration its many other attributes,’’ he said.
Savills said the property's key selling points was its potential value to a range of purchasers to occupy, redevelop, refurbish, subdivide, value-add or invest.
The transaction manager representing The Melbourne Theosophical Society is David O’Callaghan of O’Callaghan Commercial.