Greek Australians Sell Historic Melbourne Building for $10M

The property was sold at a rate of $53,989 per square metre.

A three-storey Victorian-era building in the heart of Melbourne’s Lonsdale Street Greek precinct has sold for AU$10.1 million ($7.8 million)

The Sydney Morning Herald reports that its Greek-Australian owners sold the historic building to a Chinese-based investor.

Built in 1891, the brick structure at 185-187 Lonsdale Street was designated in Melbourne’s planning scheme as a heritage precinct contributory building.

It was previously put up for sale in August 2016 with an asking price of AU$9.9 million and subsequently withdrawn.

The Australian newspaper says that a scarcity of properties on the market in the central city was creating pent-up demand and strong sale results, setting a precedent for the rest of the year.