Private Investors Snap Up Bourke Street Buildings


Two buildings on Melbourne’s Bourke Street Mall have changed hands for the first time in 40 years.

The side-by-side buildings at 418-420 Bourke Street and 422-424 Bourke Street sold to local private investors at auction.

Colliers International’s Melbourne City Sales team managed the two auctions, which attracted more than 200 buyers.

The two-storey building at 422-424 Bourke Street sold for $5.6million following 55 bids from five parties.

The sale represented a 3.01 per cent yield and a land value of $31,461square metres.

While the four-storey 418-420 Bourke Street building sold for $5.57million following 34 bids from two potential buyers.

The sale price represented a land value of $33,155sq m and a yield of 2.81 per cent.

Colliers International’s Daniel Wolman said the properties attracted interest from private investors, developers and add-value players looking to secure Melbourne CBD assets.

The properties were sold under the hammer by Colliers International’s Daniel Wolman, Oliver Hay, David Sia and Chris Ling along with Peter Lane of Lane Commercial Property.

“During a year where we witnessed a slow start on the commercial sales front, the market has gained serious momentum as we approach the end of 2019,” Hay said.

Related: Stockland Plans Melbourne’s Largest Business Park

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