A landmark site in Melbourne has changed hands for $40 million after its Singapore-based owner moved away from its plans for the CBD site.
Roxy-Pacific has sold Melbourne House at 354-360 Little Bourke Street to an unnamed Sydney-based investor.
The 937sq m site is home to a six-storey office building built in 1932 that has 4650sq m of office space.
Roxy has acquired a permit for the site for a 14-storey hotel that includes an extension above the heritage-listed building.
In 2018, Roxy filed a proposal for a 23-storey, 322-key hotel to be operated by fellow Singapore-based company Park Hotel Group.
This was redesigned in 2023 to maintain and save the shell of the building.
The building was the home of the Leo Cussen Centre for Law headquarters.
The Leo Cussen Institute, as it was then known, bought the site for $3.8 million in 1992. It sold it to Roxy in 2018 for $36.321 million.
According to reports, the Sydney investor is expected to refurbish the building and lease it as office space.
Meanwhile, a second Melbourne asset has been bought by a Sydney-based investor; a Coles Operation Centre at Malvern for $7.5 million.
The price reflected a 3.8 per cent yield. CBRE’s Jamie Hess, Sam Guest, David Minty and James Douglas managed the sale with instructions from First Valuation Group’s Mark Ruttner.
The 777sq m site at 1 Edsall Street was sold at auction. Coles Group occupies the site under a lease expiring in 2031 with the option to extend twice for a further 10 years.
The previous owners had held the site for more than 40 years. It had fulfilled a variety of roles in that time, from fresh fruit and meat retailer to office and then as the operations centre.
