The property sold for $11.85 million at auction. Seven passionate bidders engaged in a thrilling exchange of bids, totalling over 150 rounds, captivating a crowd of more than 200 attendees.
A local private investor secured ownership of the historic building with an astounding winning bid of $11.85 million. This remarkable figure not only eclipsed expectations, but also soared an impressive 43% above the property's reserve price.
The corner freehold building is defined by its triple street frontages, spanning an impressive 48 metres. Encompassing a substantial Building Area of 1,187 sqm, the property's underlying land area of 288 sqm, zoned under the coveted Capital City 1 Zoning (CCZ1), presents an array of opportunities for potential development. Prospective uses include residential, office, educational, hotel, and student accommodation, subject to the requisite council approvals.
Furthermore, the property also includes a prominent ground floor showroom, a versatile off-street lockup side entrance – currently used for deliveries and storage – which holds the potential for conversion into a multi-car space facility. The upper levels boast expansive open floor plates across Levels 1, 2, and 3, characterised by minimal partitions and accompanied by dedicated bathroom and kitchen facilities. The building further offers an unobstructed rooftop space and premium signage possibilities.
For more information on this sale or advice on your commercial property contact Joel Wald