Record Breaking Result in the Office Building

Gorman Commercial’s David Minton and Alex Browne sold an outstanding top floor office suite at 12-14 Cato Street, Hawthorn East achieving a record breaking result for the building. The 263 sqm office with 8 car parks sold with vacant possession to a local owner occupier who will relocate from Collingwood. This is the first time the office has been offered for sale since the building was completed in 2005. The property was sold for $1,450,000 which reflected a building rate of $5,513/sqm. Selling agent David Minton said, “recent strong growth in freehold office values in the area has led to an increase in strata title values, which in this building for many years have always ranged between $4,500/sqm – $5,000/sqm. The result we were able to achieve was a record rate for the building and a 13% uplift to the last recorded sale two years ago on the top floor of this development.”