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SU-LIN TAN

Posted on 18 September 2014

A local Asian investor has outbid six bidders in a 100 person strong auction to secure a commercial brick building on 21-25 Bouverie Street in Melbourne's Carlton for $11.4 million.

There was a fierce battle for the three-storey loft style building on an island site with frontages to Bouverie Street, Bouverie Place and Alma Place.

The 823 sqm building earns an annual net rent of $468,000 from lessee Grimshaw Architects until 2019.  A private investor sold the site which has a development potential for a high rise residential development.

Vinci Carbone's Joseph Carbone and Frank Vinci handled the transaction.