Bidding heats up in the CBD

Mid-October saw some eye-catching property movements in the city. 

An out of condition heritage-listed building was sold for $14.5 million, and three Flinders St kebab outlets were placed on the market.

The heritage building is located at 12-14 McKillop St. A Melbourne developer secured it after a bidding war between local and overseas bidders that rose quickly from $8 million. 

“The heritage-listed property will require significant refurbishment to reach a standard for future retail or office occupation,” said CBRE national director Mark Wizel. 

Mr Wizel said the site sold for a building rate of approximately $13,000 per square metre, a rate that is normally reserved for a finished product in the CBD.

And the property hosting three of the city’s renowned kebab shops has been put up for sale by luxury car-dealer and owner Srecko Lorbek.

The ground floor retail space is located at 456-548 Flinders St and will be sold by auction. 

“The Flinders St kebab strip is a Melbourne institution, close to King St and renowned amongst many Melburnians who frequent the popular late night precinct,” said CBRE’s Matt Ruttner. 

“The property also benefits from proximity to Melbourne’s future hotel development precinct, including Tune Hotels, Hyatt Hotel, and the St Regis Hotel – all to be located within 300 metres of the property,” Mr Ruttner said.

The property is leased on a long-term basis to three individual kebab shops and will be offered for sale onsite on Friday, November 2 at 12.30pm.

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