Church reaps $9.53 million from East Melbourne asset at Savills auction

Church reaps $9.53 million from East Melbourne asset at Savills auction
Prateek ChatterjeeDecember 7, 2020

An East Melbourne property scored more than 20 percent over its reserve at a Savills auction recently, selling for $9.53 million to an investor.

The 96 Wellington Parade property, located opposite the MCG and Jolimont Station, drew 128 enquiries.

Selling agents, Savills’ Nick Peden, Clinton Baxter and Jesse Radisich, said the result represented a strong building rate of $8456 a square metre of net lettable area, and $18,613 a square metre of land.

The property is a five-level, 1,127 square metre (NLA) office building on a 512 square metre, and is zoned Commercial 1. Savills represented the Catholic Church for the deal.

The building covers around 65 percent of the site, while the zoning allows for a building height of 24 metres or eight levels subject to council approval.

It offers uninterrupted views across parkland to the MCG, said Baxter.

Editor's Picks

Kangaroo Point's iconic Shafston House gets closer to apartment redevelopment
Inside Australia 108: The groundbreaking Melbourne apartment tower offering the highest apartments in the southern hemisphere
Discover Avery: A Boutique Sanctuary in the Heart of Glen Iris [Video]
"A once-in-a-lifetime opportunity": Don O'Rorke discusses the Monarch Residences Penthouse Collection
Why apartments at Killarney Ponds in Box Hill are suiting the family buyer: Urban Buyer Q&A