Burgess Rawson Melbourne sells its office

Capital Gain

Commercial agent Burgess Rawson has sold its seventh floor office at 140 Bourke Street for $6.6 million. The deal for the 664 square metre office reflects a rate of $9940 a square metre. The agents, who run high-profile portfolio auctions in Melbourne, Sydney and Brisbane, didn’t quite triple their money on the transaction. The office was purchased for $2.8 million in 2013 after developer Michael Drapac converted Australia’s first purpose-built multi-screen cinema into office space.
The agent is moving into new offices at Charter Hall’sWesley Place at 150 Lonsdale Street. The next portfolio auction is scheduled for May 11. Among the 30-odd properties coming under the hammer is a row of shops offloaded by AnthonyWilson’s Terraplex. Terraplex paid $27.5 million for a row of 15 two-storey terraces and
shops on Clarendon Street in 2015 and has slowly but steadily sold them down. No. 356 houses the South Melbourne Bakery and its neighbour at No.358 is home to mortgage broker Yellow Brick Road. Burgess Rawson agent Beau Coulter said they are expected to fetch in the high $1 million range while No. 360-362, on the corner of Park Street, which is leased to South Melbourne Fish and Chips and local cafe The Relief Unit, is tipped to go for around $4.5 million.