A prized Armadale corner consisting of 8 strata lots has sold in what is the largest investment transaction on record for the tightly held street. Although the exact price is unknown it is understood to be in excess of ~$25m for the properties known as 1111 High Street, Armadale. The asset has been snapped up by a domestic private investor following a hotly contested campaign.
The Cushman & Wakefield Middle Markets team orchestrated the deal, having first identified and unified eight separate ownership groups to create a premium investment opportunity in one of Melbourne’s most tightly held blue-chip suburbs.
The property spans 2,417sqm of net lettable area on a 1,773sqm site, with a WALE of 5.12 years and is understood to have transacted as sharp as 4.00%.
The campaign drew over 160 enquiries and 10 formal offers, with interest split between developers (30%) and investors (70%), reflecting the asset’s broad appeal and long-term potential.
Oliver Hay, George Davies, Daniel Wolman & Leon Ma of Cushman & Wakefield negotiated the deal, with the sale setting a new benchmark for both land and building rate, reinforcing investor appetite for well-located, long-leased assets with future upside.
Oliver Hay of Cushman & Wakefield said “This result highlights the strength of demand for quality, income-producing assets in Melbourne’s inner east.
“The amalgamation process was no small feat, but the outcome speaks for itself - this is a landmark transaction in a market that continues to reward strategic vision.”
George Davies added, “The amalgamation of the 8 unit holders was identified almost 18 months ago with a substantial premium being achieved for each of our Vendors.”
The team are currently marketing 1216-1230 High Street, Armadale which is the next high profile offering in the strip.
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