Church reaps $9.53 million from East Melbourne asset at Savills auction

An East Melbourne property scored more than 20 percent over its reserve at a Savills auction recently, selling for $9.53 million to an investor.

The 96 Wellington Parade property, located opposite the MCG and Jolimont Station, drew 128 enquiries.

Selling agents, Savills’ Nick Peden, Clinton Baxter and Jesse Radisich, said the result represented a strong building rate of $8456 a square metre of net lettable area, and $18,613 a square metre of land.

The property is a five-level, 1,127 square metre (NLA) office building on a 512 square metre, and is zoned Commercial 1. Savills represented the Catholic Church for the deal.

The building covers around 65 percent of the site, while the zoning allows for a building height of 24 metres or eight levels subject to council approval.

It offers uninterrupted views across parkland to the MCG, said Baxter.