Chinese Buyer Snaps Up North Melbourne Property

A Chinese buyer has bought the

Engineers Australia building in North Melbourne for $13.2 million.

The 2,076 square metre site located at 13-21 Bedford Street, North Melbourne, was purchased 32 per cent above the reserve price.

The building is currently 52 per cent leased to six tenants and has zoning approval for a development of up to 24 metres.

Savills, Clinton Baxter and Nick Peden

brokered the sale and said there had been 11 expressions of interest lodged and the top three buyers were all based offshore.

"We have had enormous inquiry from offshore buyers for similar properties with development potential and so it was no surprise that there was such strong foreign interest in this property," Nick Peden told The Australian.