Local Investor Banks On New Melbourne Laneway Space

A local investor has acquired a whole floor office space in the heart of Melbourne’s CBD for $1.32 million.

The 280sqm space, located at Level 3, 4 – 10 Bank Place, features a comprehensive fitout, ample natural light, and a prime location underpinned by premium retail, hospitality and transportation amenities.

Tim Last, Thomas Tuxworth and Nick Lower of CBRE negotiated the sale on behalf of the private owner occupier via a public Expressions of Interest campaign.

Mr Last said the current demand for well-located office space, particularly in the Melbourne CBD’s historic and established laneways, made the sales campaign incredibly competitive - with over 105 enquiries being extracted from the market.

“Over the past 12 months a 25 per cent uplift in value within the strata office market has been identified, with this sale further demonstrating how demand is continually outweighing supply in the CBD.”

Mr Tuxworth added; “We are currently seeing an increase in local investors looking to diversify their property portfolios in Melbourne and take advantage of the high yields that strata office is able to return.”