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Australian Chiropractors Association sell Melbourne HQ

The Australian Chiropractors Association has sold its West Melbourne base after 18 years.

The two storey office at 38-40 Dudley Street traded for $2.49 million – a 307 per cent increase on the $810,000 it paid in 2005.

Despite occupying a 251 sqm mixed use zoned block, it has limited upside, with the c1885 bluestone building, Alfred Terrace, being heritage protected.

However it did suit investors – with 200 sqm of unrenovated area and six car parks; opposite Flagstaff Gardens, it could return $120,000 per annum net, ex-GST.

Three suitors contested for Alfred Terrace, the first bid coming eight seconds after the auction started.

The buyer was a local investor in the professional services sector.

“The return on investment from a transaction perspective is an excellent recent example of long-term investment performance across Melbourne’s inner-metropolitan ring, driven largely by the property’s mixed use zoning that makes it suitable for a wide variety of businesses spanning commercial, residential and hospitality,” Mr Jones said.

“Thanks to the property’s unique Victorian-era attributes, significant internal improvements and excellent city location, interest for the listing was very strong from the outset,” he added.

The ACA – the country’s largest peak body for chiropractors – hasn’t confirmed a replacement headquarters.

Taken from Real Estate Source Article on 10 June 2023. 

 

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