Walter Pollock portfolio smashes reserves

Three Melbourne properties belonging to the estate of architect Walter Pollock have been sold.
Three Melbourne properties belonging to the estate of architect Walter Pollock have been sold.

A commercial property portfolio that belonged to renowned architect, the late Walter Pollock, has sold for $13.35 million, with two properties soaring past their reserve price.

The three properties in inner-city Melbourne were auctioned over eight days, almost six years after the Austrian-born World War II survivor passed away.

The first of Pollock’s former properties at 182-188 Clarendon St, South Melbourne, sold for $5.985 million, fetching $2 million above its reserve price.

It featured a 300sqm retail freehold on a 420sqm site with three street frontages. The pumped-up price saw the yield driven down to a staggeringly low 1.6%.

Selling agent Michael Ryan, of Fitzroys, says buyers competed hard for the property.

182-188 Clarendon St in South Melbourne features three street frontages.

182-188 Clarendon St in South Melbourne sold on a tiny 1.6% yield.

“After receiving in excess of 100 buyer enquiries, we had multiple bidders participating at auction, with the property ultimately selling on a land rate of $14,387 per square metre,” Ryan says.

“The property’s versatility saw interest from a wide range of buyers, including developers, local and offshore investors and potential owner-occupiers.”

The next property at 341-345 Queensberry St, North Melbourne, soared $2.3 million above reserve, selling for $5.3 million to a developer.

The property at 341 Queensberry St has development potential for 13 levels.

The property at 341-345 Queensberry St was sold to developer.

A third property – a 246sqm corner retail site and showroom at 59-61 Park St, South Melbourne, sold for $2.065 million.

The property, on the corner of Kings Way, was sold with a three-year lease in place and options for a further three years. It traded on a yield of 4.98%.

Born in Austria in 1920, Pollock and his brother arrived in Australia in 1940 after becoming separated from their parents during World War II, and survived a torpedo attack on their boat – in which 1000 people drowned – while en route to Canada.

While studying architecture at Melbourne University, Pollock was asked to collaborate on the design of the Australian National University in Canberra, and he later won plaudits for his home designs.

Throughout his career his clients included an acting Prime Minister, the Governor General and other politicians.