Gorman Kelly
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AWARD WINNING SALE: 613 St Kilda Road, Melbourne

Monday 07th December 2015 Posted by Robert Kelly
We recently sold 613 St Kilda Road, Melbourne following an Expressions of Interest campaign.
The property, which hadn’t been publically offered for 20 years, comprised a 5 level 1980s standalone office building occupying a corner site of 1,038m2 and provided a passing return of $291,000 net per annum. The building which was configured with demolition clauses offered vacant possession in 2 years time and was sold with the benefit of a Rothe Lowman development scheme for a 20 level residential development.
The campaign drew significant interest from both local and offshore buyers culminating in over 100 enquiries with a mix of interest from passive investors, developers and local owner occupiers.
The building offered a rare entry level St Kilda Road opportunity and generated strong interest from investors seeking to reposition the asset moving forward with a number of developers also vying for the property. The property was eventually sold for $12.1 million to a locally based large scale CBD Chinese developer who out muscled a number of investors, owner occupiers and multiple developers. The result was some 30% above the $9.5 million expectation and reflected a low yield of 2.4% and $11,700psm on land area.
Our marketing campaign for this property was award winning - read more about it here: www.gormankelly.com.au/latest-news.php

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