Local investor secures decaying 1860s Melbourne bank premises

Local investor secures decaying 1860s Melbourne bank premises
Local investor secures decaying 1860s Melbourne bank premises

A local investor has beat 20 other bidders to the $2.35 million purchase of the former Bank of New South Wales premises at 375 Queen Street, Melbourne.

Colliers International, in conjunction with Knight Frank brokered the packed boardroom auction sale last month.

More than 200 enquiries were generated for the A-grade heritage-listed freehold, with the majority of interest came from locally based investors.

“The extensive interest was due to the highly affordable price point,” one agent said.

It transacted at $11,500 per square metre of land.

The 350 square metre property, which is located on the corner of Queen and Franklin streets, metres from Queen Victoria Market, was subject to a council order for emergency repairs in late 2016.

It features high ceilings, ornate finishes and classic period architecture but has fallen into disrepair since its construction in the 1860s.

The investor said they have plans to restore the building to its former glory.

Tags: 
Melbourne Commercial Property

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