Chinese developer buys Melbourne CBD office

A Chinese developer has snapped up an open plan office in the Melbourne CBD for $1.26 million.

The 420 square metre office suite is located at 20 Queen Street and features a boardroom and executive offices.

Tom Tuxworth, Chris Pharr and Ed Wright of CBRE Strata Projects negotiated the sale.

The agents said the property attracted an unprecedented level of buyer enquiry, with five expressions of interest to purchase.

The sale price equated to a rate of $3,000 per square metre.

Tuxworth said the new owner planned to use the property as its new Melbourne headquarters.

“Offshore developers who have been highly active in purchasing large development sites in the Melbourne CBD are now looking for commercial office space for their headquarters,” Mr Tuxworth said.

“Offshore groups are now competing with local owner occupiers and investors, resulting in competitive buyer demand and strong prices consistently achieved.”