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.

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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.

The office and warehouse at 54 Alexandra Parade in Clifton Hill.

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.”