Market Insights

15.06.2020

Vacant St Kilda building sells on 14-day settlement amid COVID-19

A private investor group specialising in building refurbishments has snapped up a vacant St Kilda building on a short 14-day settlement.

CBRE’s Rorey James and Dylan Kilner negotiated the $3,1000,00 sale of 2-4 Vale Street on behalf of a private investor.

The two-level, 955sqm building was snapped up by Hilllsyde Nominees, who will commence a circa $1 million refurbishment immediately after settlement.

“With bank returns next to nothing and the share market being as unpredictable and volatile as ever, our focus for the short, medium and long term will continue to be acquiring commercial property,” said Hillsyde Group

“Despite the broader impact of COVID–19, investors are continuing to seek out quality city fringe real estate,” Mr Kilner said.

Mr James added; “The fact that the property was sold on a short 14-day settlement is a clear sign of ongoing confidence in the St Kilda office market. This is the fourth property our team has transacted within this pocket of St Kilda in recent months, with the combined sales totaling more than $20m.”

The property is located next to the BP service station on Barkley Street, St Kilda and is a short walk to the Barkley retail precinct.

Mr Kilner noted that St Kilda waa set to benefit from a number of major projects, including the new QT hotel on Fitzroy Street and Tim Gurner’s $540m Saint Moritz, both of which were currently under construction.

Recent St Kilda Commercial Property Sales

Property Sale Date Sales Price Agent
2-4 Vale Street, St Kilda May 2020 $3,100,000 CBRE
30 Inkerman Street, St Kilda April 2020 $6,338,000 CBRE
53-55 Vale Street, St Kilda December 2019 $3,402,000 CBRE
1 Brighton Road, St Kilda December 2019 $6,250,000 CBRE

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