Heritage building in Melbourne's Oakleigh sells for $1.5 million

Heritage building in Melbourne's Oakleigh sells for $1.5 million
Heritage building in Melbourne's Oakleigh sells for $1.5 million

A heritage building in Melbourne's Oakleigh has sold for $1.5 million to a local investor in a deal brokered by CBRE.

Located at 1527 Dandenong Road, the 369 sqm corner property was originally occupied by ES&A Bank, built during the inter-war period.

The building’s red-brick façade and original bank vault was impacted with a heritage overlay, affecting the development potential of the corner site.

The sale price represented a land rate of $4,065 per sqm. The property is zoned commercial 1. 

The selling agents were CBRE’s Ed Wright, Sandro Peluso and Chao Zhang. 

“Despite the site’s development restrictions given the heritage building and lack of permits, the campaign still received strong interest due to the current investor confidence in the Melbourne market,” said Zhang.

Tags: 
Heritage Property Commercial Market

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