Hare Krishna's Melbourne HQ sold

Hare Krishna's Melbourne HQ sold
Hare Krishna's Melbourne HQ sold

The home of Melbourne's Hare Krishna movement in Swanston Street has been sold to a Chinese investor for $15.8 million, breaking the 16 year drought of selling a freestanding property in central Swanston Street.

Savills agents Clinton Baxter and Nick Peden said the buyer of 123 Swanston St had bought three weeks before the close of the expressions of interest period.

"This is the state of what is an extraordinary market where a purchaser buys several weeks prior to the close of a campaign with a knock-out offer more than $5.8 million or nearly 60% above expectations for the property," Mr Baxter said.

"The eight level building is leased to two long-standing tenants including Downtown Revolution which occupies the ground and basement levels, whilst the Hare Krishna organization occupies three of the upper levels on a five year lease. 

"Both tenants have five year leases at a total current rental of $438,400 per annum."

"The vendor purchased the property in 1997 for $1,860,000 and enjoyed exceptional capital growth of 849% during the 18 years of ownership plus rental income throughout."

Michael Crawford

Michael Crawford

Michael is the real estate reporter for western Sydney and loves writing about homes and the people who live in them. A former production editor and news journalist, he enjoys writing about real-world property purchases as well as aspirational buys and builds. Following a recent move from Sydney’s northern beaches, Michael now actually enjoys commuting.

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