A vacant & un-refurbished office building in West Melbourne has sold unconditionally on a 90 day settlement to an international education provider.

The CBRE team of Nathan Mufale, Scott Hawthorne, David Minty, Alex Brierley & JJ Heng managed the sale of Expressions of Interest campaign of 372 Spencer Street, West Melbourne.

The two level office provides a 514sqm land parcel attracted unconditional offers from owner occupiers, education operators and a variety of local & international developers.

“Whilst some investors have more optimistic short-medium views than others, this latest sale and the competition from different buyer profiles highlights that certainty is well and truly returning to the market.” Mr Hawthorne said.

“Developers are gravitating to West Melbourne following significant planning reform. There is a strong contingent of developers looking to fill their respective project pipelines with medium to high density development sites close to the Melbourne CBD” Mr Mufale added.

With international students set to return in droves from Q1 2023, education providers are forecasting the increase into their plans as they look to secure new headquarters, with properties in Melbourne’s city fringe suburbs providing excellent transport & retail amenity to benefit students.

9 bids were lodged for the building, ultimately transacting to an international education provider of Asian heritage and sourced via CBRE’s Asian Services Desk.

“In the context of the current market risk factors and forecasts for where the market may be headed, receiving a strong depth of offers from international buyer profiles is a strong sign.” said Mr Heng.

To request a sales analysis please contact the selling agents, CBRE team of Nathan Mufale, Scott Hawthorne, David Minty, Alex Brierley & JJ Heng via the below contact details. 

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