A prime, inner city landholding at Parkville in Melbourne has been sold for over $12 million, currently home to the Parade Inn motel.
“The sale of Royal Parade, which is subject to a height limit of 14 metres and significant setback restrictions, is further evidence of the pent up demand for properties in sought after inner city locations,” CBRE’s Mr Wright said.
“The public marketing campaign drew very strong interest with over 185 genuine enquiries from a range of local and offshore groups,” Mr Wright said.
“We received 12 Expressions of Interest, with the eventual purchaser out bidding several off shore parties to secure the property.”
It was the first time the 535-541 Royal Parade site has been listed for sale since the early 1980s.
Both hotel investors and residential developers expressed interest in the campaign, with a view to either refurbishing the existing building or redeveloping the site.
The Royal Parade property offers 25 metres of frontage to Royal Parade and over 45 metres of frontage to Parkville’s prestigious The Avenue.
It is situated over three individual titles in in a highly desirable location in the University precinct, close to Melbourne University and RMIT and in close proximity to the Melbourne CBD.
