Bourke St is the place to be
The past 12 months have seen the highest amount of property transactions along Bourke St.
Data provided by Colliers International shows around 10 commercial properties have been sold in the last year.
The most recent sale was 470 Bourke St, which was sold for more than $35 million in April.
In December last year, 185 Bourke St and 360 Little Bourke St were sold for $9.5 million and $33 million respectively.
The building at 421 Bourke St was sold for a record $20,000 per square metre last July.
Other sales include 478, 179-183 and 23-29 Bourke St as well as 377 Little Bourke St.
The Bourke St Mall building hosting retailers Swarovski and Windsor Smith has just been put on market.
The four-storey building next to Target Centre at 220 Bourke St is being auctioned by Colliers on April 27 with price expectations of more than $40 million.
CBRE is helping to sell the office building at 601 Bourke St, on the corner of King St.
Colliers’ Oliver Hay said Bourke St was experiencing an unprecedented wave of property transactions due to its strategic location.
“Following Melbourne’s recent influx of offshore investment, population growth, international students and tourism, Bourke St is now viewed in a global context,” he said.
“This has resulted in record rental growth over the past three years for tenancies with prime frontage. Retailers have been charged rents of between $9200 and $12,000 per square metre net,” Mr Hay said.