West Melbourne Office Returns 307% for Australian Chiropractors Association

The city headquarters of the Australian Chiropractors Association (ACA) at 38-40 Dudley Street, West Melbourne, has sold under the hammer for $2.49 million to an undisclosed local buyer in the professional services sector.

The sales campaign for the charming two-storey 251 square metre terrace property - dubbed Alfred House - which has been owned by the ACA since 2005, achieved a capital gain of 307 per cent since its last purchase for $810,000 - representing a 17 per cent year-on-year investment growth.

Well-positioned on the fringe of Melbourne’s CBD atop favourable mixed-use zoned (MUZ) land, the rendered bluestone building has excellent connectivity to social amenity and major arterials, as well as planned infrastructure projects including the Arden Street precinct - helping it drive a sales price $90,000 above the reserve.

The heritage-overlayed property features high-quality workspaces, three bathrooms and six off-street carparks, and is forecast to deliver about $120,000 rental income per annum plus GST and outgoings.

Paul Jones and Sam Guest from Melbourne-based commercial property agency, Jones Real Estate, managed the sales campaign for the ACA.

“It was a privilege working with the Australian Chiropractors Association during the sale of Alfred House, which saw over 30 individuals attend the auction for the tightly-held property," he said.  

The return on investment from a transaction-perspective is an excellent recent example of long-term investment performance across Melbourne's inner-metropolitan ring, driven largely by the property’s mixed-use zoning that makes it suitable for a wide variety businesses spanning commercial, residential and hospitality.

“Thanks to the property’s unique Victorian-era attributes, significant internal improvements and excellent city location, interest for the listing was very strong from the outset, with the campaign driving over 100 enquiries from both local and international prospects prior to the auction.”

Jones Real Estate also represents the property interests of high-profile individuals including talent manager Ralph Carr, V8 Supercars identity Phil Munday and Victorian Racing Club vice-chairman Michael Ramsden. 

For more information: jonesrealestate.com.au