MP Burke Commercial in conjunction with the Colliers Melbourne City Sales Team are delighted to announce the sale of 235 Queen Street, Melbourne.
The sales team comprises Pat Burke, Oliver Hay, Matt Stagg, Daniel Wolman and Leon Ma launched the highly anticipated EOI sales campaign during the current Melbourne lockdown securing 208 enquiries, EOIs to finalised and exchange the deal whilst in lockdown. The successful buyer, who is a new entrant to the Melbourne market, was represented by Eu Ming lim, partner at Thomson Geer at a competitive price of $45.4million representing passing yield of 3.99% and capital value of $11,700/sqm.
The sales campaign generated excellent enquiry from active & passive investors, owner-occupiers, hoteliers, and developers from across Australia and countries across wider South-east Asia such as Malaysia, China and Singapore.
235 Queen Street, the former Valuer General’s CBD office is a prominent 11 storey corner building of 3,878sqm* comprises three (3) ground floor retail tenancies and ten (10) upper levels of refurbished office accommodation. The property is 100% occupancy and a net passing income of $1,815,365.00 per annum*
Colliers National Director Oliver Hay said “We have handled some very prominent CBD office buildings in recent times, but this was a major legal precinct corner and the market reacted accordingly. This was an extremely strong result for our Vendor given the properties short WALE however not surprising given the sheer volume of capital looking to be placed in Melbourne as well as an absolute lack of supply in the market at the moment.
Colliers Director Melbourne City Sales Matthew Stagg noted This is our 5th consecutive major CBD transaction in as many months and all during Melbourne’s 6th lockdown. It is evident the market still places enormous value on CBD real estate and we are confident this will not change.
MP Burke Principal Pat Burke said “Melbourne is highly regarded by local and offshore buyers seeking to commit capital into a market based on strong property fundamentals. The 235 Queen Street sales campaign highlights the confidence buyers have in Melbourne and underpins the belief our city is well placed for strong growth over the next 2 to 3 years”