Former Lygon Street Hotel turned office building sold for $6.8 million

A former hotel-turned-commercial office building in Carlton has sold for $6.8 million.

It is the first and only sale on the iconic Lygon Street strip for 2019

Colliers International’s Daniel Wolman, Oliver Hay and Dave Walker and MMJ Real Estate’s Joel Wald were appointed to auction the 659 sqm double storey corner freehold at 186-190 Lygon Street.

Their price expectations were around the $6 million mark.

“A land rate of over $16,000/sqm is exceptionally strong for this precinct and a recent record if you consider the undevelopable rear laneway which is on title,” Mr Wolman said.

Mr Walker said the prime location, directly opposite the leafy Argyle Square, and within walking distance from the University of Melbourne and RMIT, was a key selling point.