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Investors and developers are returning to the CBD property market with two transactions inked in the past week, worth around $70 million.
Buyers are looking beyond the COVID-19 anxiety about workers returning to the office to a future with limited space options.
A 10-level office building at 422 Little Collins Street is understood to have sold for more than $40 million with records showing a caveat placed on the property by Melbourne investor, CNGAUS, owned by Charles Ng.
An eight-storey office building at 170 Queen Street, Melbourne, has sold for close to $30m.
That deal was brokered by Colliers International agents Daniel Wolman, Oliver Hay and Matt Stagg who declined to comment.
Caveats on another property at 170 Queen Street show developer Holder East has bought the property from Down Ampney, a syndicate controlled by a Jersey-based trust Daisy Hill Real Estate, with associations with the Baillieu family.
Both caveats were lodged by Thomson Geer lawyer Eu Ming Lim who declined to comment about the deals.
That 11-storey tower, known as CPA House, is understood to have sold for close to $30 million by the Colliers team, including Leon Ma.
Daisy Hill paid $6.75 million for the 2819 sq m property in 2001. Built in 1955, it sits on a 542 sq m parcel of land near Little Bourke Street.
The 5954 sq m Little Collins Street building was built in 1990 as the RACV’s administrative office and sits on a large 956 sq m site between Queen and William streets.