Building in Melbourne's Windsor sold for $3.94 million in first deal in 60 years

A freehold property in Melbourne’s inner suburb of Windsor has been snapped up by a Melbourne-based investor for $3.94 million at auction.

The 7 Duke Street property was offered to the market for the first time in 60 years and the purchase price exceeded the reserve by more than $200,000.

Zoned Commercial 1, the property comprises a two-level, 480 square metre building on a 377 sqm site. The purchase price reflected a land rate of $10,464 per square metre.

Selling agent Teska Carson’s Matthew Feld said the fact that the property had not been on the market for 60 years reflected “the tightly held nature of the local market and the strong result’’. 

It is close to the CBD and a stone’s throw from the bayside precinct of St Kilda.