09/27/2021 | News release | Distributed by Public on 09/26/2021 20:00
Selling for the first time in forty years is part of the old Argus Hotel building at 423-425 Elizabeth Street in Melbourne. Vendors were two private individuals, and the buyer was a cashed-up China based investor who paid $11 million for the property. The agents were Alex Brierley, Nathan Mufale and Jing Jun Heng of CBRE Melbourne.
The old Argus Hotel building was built in 1872. The property comprises two, two-storey brick buildings, both with a shop at street level, part of a row of terraces. Although currently vacant the property was the home of Spot On Motorcycles for more than ten years. It has rear lane access and is ideally located near the Victoria Markets and Flagstaff Gardens.
425 Elizabeth Street was bought at auction in 1981 for $70,000 and 423 Elizabeth for $60,000.