Jam Hut recording studio sold above expectations

Jam Hut recording studio sold above expectations
Jam Hut recording studio sold above expectations

The Jam Hut recording studio in Carlton has sold for $1.1 million, 40 percent more than the vendor's expectations.

It was a local buyer behind the Preston investment sale two weeks prior to auction.

The 460 sqm property at 569-571 High Street is leased to Jam Hut recording studio, an institution in the Melbourne music community.

It's called the Preston address home since 1978 and the lease runs until 2020.

The sale was secured by CBRE City Fringe and Metropolitan Investments’ Sandro Peluso, Josh Twelftree and Chris Game.

Chris said the strong sale result prior to auction was evidence of the demand for prominently positioned investments with development upside across Melbourne.

“The property drew significant interest from a strong contingent of investors and developers, given the site’s location within the priority development zone, and close proximity to the High Street retail precinct,” he explained. 

 

Tags: 
Commercial Sale Preston

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