In a compelling show of cross-border investor confidence, Singaporean vendor Roxy-Pacific has sold the iconic Melbourne House at 354–360 Little Bourke Street to a Sydney-based investor.
While the sale price remains undisclosed, the transaction – secured after eight competitive offers, marks a significant milestone in the resurgence of Melbourne’s CBD property market.
The Sydney investor emerged victorious over a competitive field of underbidders – including local developers and owner-occupiers; drawn by the site’s rare potential and strategic location.
The campaign, run by Cushman & Wakefield’s Oliver Hay, Daniel Wolman, and Leon Ma and JLL’s Tim Carr, Josh Rutman and Jesse Radisich, generated strong engagement from value-add investors, owner occupiers and developers.
Melbourne House, a six-storey character 4,587 sqm* building with 68 metres* of combined street frontage, sits on a 937 sqm* site in the heart of the city’s bustling retail core.
According to Cushman & Wakefield’s Oliver Hay “This sale is more than a transaction; it’s a signal that as Melbourne’s population continues to surge and pedestrian activity in the CBD rebounds, investors are once again placing their bets on the city’s long-term growth.”
JLL’s Tim Carr commented that “the depth of bidding from a variety of buyer cohorts demonstrates the changing of the tide from buyers who are taking a more optimistic outlook on the future of the Melbourne CBD.”
*Approx
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