Buyers line up for 140 East development
A Melbourne finance company has acquired one of the last remaining suites in the 140 East development on Bourke Street.
The local owner-occupier bought the 280 square metre site with vacant possession from vendor Drapac for $1.25 million.
The sale comes one week after commercial estate agent Burgess Rawson bought level seven of the building. The tower is now 98% sold, with just one suite remaining.
CBRE’s Tom Tuxworth, who negotiated the sale in conjunction with agents Ed Wright and Chris Pharr, said the property’s location was a key selling factor.
“This suite is ideally situated in the former Hoyts Cinema office tower. It’s at the top end of Melbourne’s East End, which is home to several blue-chip office buildings, luxury international retailers, high-end hotels and renowned restaurants.
“Having the Virgin Active health and fitness club on the ground level was also a drawcard.”
Tuxworth said the majority of 140 East property owners were buying within their self-managed super funds to take advantage of tax benefits.