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CBD properties flood the market as owners shift into sell mode


CBD properties flood the market as owners shift into sell mode
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Shifting fortunes are bringing a flood of CBD properties to market with a raft of long-term and short-term investors calling time on their holdings.
In the west end, a pair of investors who held their properties for more than 40 years are selling 423-425 Elizabeth Street.
CostFox’s strata office in Cremorne.
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Originally part of the old Argus Hotel - neighbouring the Argus Building on the corner of Latrobe Street - the shop is expected to fetch a whopping $15 million. ....

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Former motorcycle store revs up CBD market


Former motorcycle store revs up CBD market
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The former home of longstanding retailer Peter Stevens Motorcycles has hit the market in the Melbourne CBD, complete with plans for a 10-level retail development above it.
The motorcycle dealership has exited the three connected buildings at 337-347 Elizabeth Street, having sold the property for $31.5 million two years ago to interests associated with developer Longriver Group.
Melbourne’s commercial property market is revving up. 
Since then plans were formulated for a $110 million retail tower, with the development winning council approval this year.
Together, the three existing buildings – of two and three storeys – along with the added value of a development approval could fetch as much as $38 million. ....

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