Surf, Dive & Ski store fetch $10m

THE former Surf, Dive & Ski Building in Melbourne's CBD has fetched $9.825 million at auction.

Located at 209 – 215 Bourke Street, the property was sold above by the Melbourne City Council.

The property was last valued in May at $5.65 million.

Chair of the Finance and Governance Committee Cr Brian Shanahan said the sale signalled a buoyant property market.

“The property passed the $7 million reserve and settled into a bidding war between two parties from $8.2 million.

“The sale of the property highlights the buoyancy of the Melbourne property market and demonstrates that our strategic focus on the retail and commercial sectors in the city is paying off,” Cr Shanahan said.

The sale was in line with the August 2007 Council resolution to sell the property.

Australian Property Journal