Owner occupiers out in force in Clifton Hill office market: Savills

Owner occupiers are making their presence felt in Melbourne’s inner suburban property purchasing market, according to Savills.

The firms ‘s CBD and metropolitan sales team, Julian Heatherich, Nick Peden, and Jesse Radisich, said this trend was evident in the firm’s recent sale of a Clifton Hill property.

44 Alexandra Parade sold privately for $910,000 at the healthy land area rate of $5000 a square metre, Savills said.

The property comprises a single storey, 140 square metre corner freehold with an internal office fit-out, and storage and roller door access.

Two other Clifton Hill properties sold at auction earlier in March through Savills.

Hilton Street - a 205 square metre office/warehouse – sold for $900,000, and Reeves Street - a 884 square metre showroom/warehouse on an 1175 square metre site – sold for $3.6 million.

“This is the third property we have sold to an owner-occupier in the last few weeks underlining just how strong the current owner-occupier market is,” Heatherich said.

“With interest rates remaining very attractive we are likely to see this trend continue.

“The market for inner-city property has rarely been stronger and Clifton Hill is now clearly on the radar.”