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West Melbourne site sells for $12m

West Melbourne

CBRE says the family-owned Goumas Smash Repairs has bought a site in West Melbourne for $12 million with agents Bryce Pane and Ricardo Cappelletti negotiating on behalf of the vendors.

The investment management firm says the 17-31 Radcliffe Street West Melbourne site is 3582 sqm and features a high-clearance 1414 sqm warehouse with seven roller doors, and a secure 1300 sqm yard.

It notes the sale price reflects a building rate of $8486 per sqm with Bryce and Ricardo securing the transaction on behalf of Jcaw Pty Ltd and Mavro Psari Pty Ltd.

“The property attracted interest from occupiers, developers and investors from Melbourne and interstate,” Bryce says.

“Its main road corner location, just two kilometres from the Melbourne CBD, led to a record building rate in the suburb,” he adds.

CBRE says Goumas’ history dates to 1960 and that it has a centre in Fitzroy.

It notes the West Melbourne property is on the corners of Radcliffe Street and Dynon Road, and is easily accessible via the City Link Freeway, Port of Melbourne, and Melbourne’s CBD.

For more information on CBRE, click here.

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