Melbourne's Bourke House changes hands

Melbourne’s well-known Bourke House, a retail and office building, has recently sold for an undisclosed sum.

Located at 179-183 Bourke Street, the six-level freestanding retail and office building comprises shops on the ground floor and modern upper level office accommodation. 

The building is fully leased to a range of high profile retail and office tenants with a net passing income of $1,400,000.00 pa with fixed annual increases (nearly 60% of income derived from retail tenants).

Built in 1923, Bourke House is a heritage protected building. It last exchanged hands in 2014 for more than $11.5 million, according to Fairfax Media. 

The corner property has a floor area of 2,529 sqm with triple street frontage. It is positioned in the heart of Melbourne's CBD between the city's Retail Core and Paris End.

There is redevelopment potential with highly flexible floor plates allowing for office/retail reconfigurations, subject to council approval.

The selling agents were Josh Rutman,Mark Wizel and Lewis Tong of CBRE and Raoul Salter, Michael Gross and Jonathon McCormack of Gross Waddell.