A Melbourne investor has made an astounding 287 per cent gross capital gain in three years on a boutique commercial building in the city centre after selling to a mainland Chinese investor.
The art deco-style building known as Bourke House on the corner of Bourke and Russell Streets sold for $33 million on a yield of about 4 per cent. It previously sold for $11.53 million in 2014.
Selling agents CBRE and Gross Waddell said the deal set a new Melbourne CBD land record of over $88,000
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