Government department offloads Clifton Hill pair
There was a hot half-hour for the Department of Treasury and Finance this month, with the government arm selling two properties it owns in Clifton Hill.
The Department, which has been steadily offloading a number of its Melbourne suburban landholdings, sold the pair of properties within 30 minutes of each other at two well contested auctions.
The properties, both on Alexandra Parade, sold for a combined $6.4525 million, with Savills agents Nick Peden, Julian Heatherich, Mark Stafford and Jesse Radisich indicating they’d traded for well above their reserve prices.
Commercial Insights: Subscribe to receive the latest news and updates
The larger of the two properties, at 2-12 Alexandra Parade, is a two-level office and warehouse on a prime 1060sqm corner island site, with almost 1900sqm of floorspace.
Offered with vacant possession and purchased by a local developer, it was previously the home of party supply outfit The Big Little Company.
Meanwhile, the smaller property just down the road includes a 248sqm office and warehouse building on 271sqm of land.
It was grabbed by a local owner-occupier.
Heatherich says the larger property sold on a land rate of $5142 per square metre, indicating a sale price of around $5.45 million, while the smaller offering sold for $3700 per square metre, putting the price at just over $1 million.
“We received significant interest for each property as a result of a highly successful marketing campaign,” he says.
“The high land values achieved and strong market interest highlight the increasing demand for well-located, northern city-fringe office/warehouse opportunities.”
“Having sold nine properties within the area in 2017, we expect the high levels of demand to continue into 2018.”