Sold Sight Unseen During COVID

Originally home to the State Bank of Victoria, this site attracted interest from both owner occupiers and developers. The expression of interest campaign attracted a local medical specialist who paid $3 million to secure the opportunity to upgrade the building to provide a substantial medical clinic. The sale was handled by Gorman Commercial’s Stephen Gorman and Tom Maule. The property sold on a building rate of $10,000 psm and land rate of $4,300 psm.

“With the COVID-19 restrictions on inspections, the purchaser was only able to view the property on the internet before purchasing. The lack of owner occupier opportunities particularly for medical use in Hawthorn encouraged the purchaser to pay a premium to what any developer would and accept the risk of not inspecting,” commented Stephen Gorman.