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Private investor pays $27.5 million for Melbourne property portfolio

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A commercial property portfolio boasting a proud history and a host of impressive opportunities has been sold to a syndicate of private investors. 

Real Estate companies Knight Frank and Dixon Kestles sold the unique listing comprising 15 retail tenancies, 10 residential apartments and two office suites which sit on a single title and include the Emerald Hill Terrace in Clarendon Street, South Melbourne. The property went for an enormous $27.5 million to a syndicate of private investors.

The sale was preceded by an Expression of Interest (EOI) campaign, which invited many queries from the market.  

Knight Frank directors Ken Smirk and Marcus Quinn helped run the campaign. 

Mr Smirk said the response was tremendous with more than 120 enquiries from local, interstate and international investors seeking to gain from the property development opportunity.   

"The portfolio was identified as having very significant upside for a purchaser by way of future rental reversion, subdivision of the property into individual tenancies, or even further development on the site and investors were quick to appreciate this," he added.

According to a statement released by Knight Frank, at the time of sale, the yearly income from tenancies was estimated at  $1,146,000.

"The portfolio was offered for sale in one line and occupies a whole block between Bank Street and Park Street and includes premises at 328-362 Clarendon Street; 49-69 Emerald Hill Place and 244-246 Park Street," the media release read.

The Sydney Morning Herald reports that the properties, which were built in the 1880s​, had been owned by Australia's honorary consul of Monaco for the past 18 years.

Prior to 1997, the the government of Victoria owned the premises for several decades.  

Date Published: 31 May 2015
Category: General News

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