An owner-occupier has paid $1.55 million for a top floor penthouse office property in the heart of Melbourne’s CBD, with air rights providing the potential to add significant value.

Sold with vacant possession at a building rate of $7,381 a square metre, the Unit 6/349-351 Flinders Lane property comprises 210 square metres of space currently fitted out as a residence over two levels.

According to Savills Nick Peden, who brokered the sale with Jesse Radisich and Benson Zhou, the property offered a number of options including residential and/or office use as well as development upside including air rights.

“This was an unusual offering in that it provided a lot flexibility in terms of current and future uses and the potential to add significant value in one of the CBD’s most sought after precincts.

“The second frontage to Bond Street added further to the potential to add value,’’ Mr Peden said.

Mr Radisich said the property had attracted an extraordinary number of enquiries from a wide cross section of potential purchasers based primarily on the location and the potential development upside.

“The opportunity to secure a CBD property of this nature is very rare, especially when you consider the prime location, the high quality accommodation and the exceptional future development potential,” Mr Radisich said.

The vendor was a Melbourne based investor.

Learn more about Savills Melbourne CBD, Metropolitan and Regional Sales.