Boutique Cremorne, Melbourne investment snapped up prior to auction

A local investor has paid a premium to acquire an office investment in Cremorne for $1.85 million.

CBRE negotiated the sale on behalf of Melbourne fashion label, White Suede, with the sale subject to a two year leaseback.

Located at 47 Cubitt Street, the 271 square metre three-level office/showroom was offered to the market via a public auction campaign, however, the sale was negotiated prior to auction.

The competitive pre-auction bidding contributed to the price equating to approximately $11,600 per square metre over the land and $7,800 per square metre over the building.