NATHAN MAWBY SA­MAN­THA LANDY

Sunday Herald Sun - - Real Estate -

PROM­I­NENT de­vel­op­ers and have sold a tro­phy CBD re­tail site at an in-room auc­tion for $21.55 mil­lion.

CBRE’s Josh Rut­man said nine bid­ders fought for the Collins St prop­erty, op­po­site South­ern Cross sta­tion at the base of Lib­erty Tower, en­sur­ing it “ex­ceeded ev­ery­one’s ex­pec­ta­tions”.

Danny said he and his brother Morry — the founder of de­vel­oper Pan Ur­ban and Schwartz Me­dia — were “very pleased” with the “un­ex­pected re­sult”. The sale marked “the largest ground-floor strata trans­ac­tion in the city’s his­tory”, Mr Rut­man said.

About 300 peo­ple watched in­vestors from Melbourne, Sydney, Hong Kong, China, Malaysia and Tai­wan bid on the prop­erty.

It con­tains eight shops with on­go­ing leases at a base an­nual rental in­come of $892,000.

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