Monash University buys 407 Royal Parade, Parkville

Monash University has expanded its Parkville holdings.

The office block on 2,428 square metres cost $10.9 million.

The office building at 407 Royal Parade has 1,859 square metres over two levels with 38 car parks.

Monash University also has a Parkville campus at 381 Royal Parade, home to the Monash Institute of Pharmaceutical Sciences.

Knight Frank marketed 407 as a prized opportunity for developers, owner-occupiers and land bank investors. 

It last sold for $6 million in 1989.

Another site in Parkville's tree-lined Royal Parade, The Parade Inn motel, on 3221 square metres at 535-541 Royal Parade, sold last year at $12.5 million (pictured below).

The University of Melbourne paid the Salvation Army $26 million for a 4500-square-metre landholding at 303-305 Royal Parade.