Private investor snaps up South Melbourne office building in 20 days

A South Melbourne office investment occupied by architects Ewert Leaf has been sold for $10.2 million.

The four-level, 1,078sqm fully refurbished building at 49-51 Stead Street was snapped up by a local investor before the close of EOI after just 20 days on the market.

Architects Will Leaf and Toby Ewert, with Ed Farquharson, the owner of developer, Moda, purchased the site in 2018 for $6 million with plans to refurbish the entire building and sell.   

It was listed by Colliers International’s Ted Dwyer, Ben Baines and Michael Gross of Gross Waddell, 

The whole of the property is leased to Ewert Leaf and occupied by Ewert Leaf and associated businesses.

Originally built in 1985, the 49-51 Stead Street building has been fully refurbished throughout, with completion in July 2019.  

The property consists of ground floor retail/commercial premises and three upper levels of open commercial floor plates.

It also features six undercover car spaces accessed from Palmerston Crescent.  

“Positioned within a highly desirable commercial and residential location, the surrounding area provides workers and residents access to landmark destinations including Albert Park Lake, Melbourne Sports and Aquatic Centre, Albert Park Golf Course, South Melbourne Market, Clarendon Street retail precinct and Royal Botanical Gardens,” Mr Baines said.