A Chinese investor has paid $8,888,888 for a prime development site in the Melbourne CBD.

The property at 415-417 Collins Street was sold for the auspicious figure at a public auction onsite – the number eight is considered lucky in Chinese culture and indicates ‘wealth’ or ‘fortune’.

The site fetched $2.5 million above reserve on a yield of 2.2 per cent for the owner, Probuild founder Phil Mehrten.

CBRE’s Josh Rutman, Mark Wizel, Lewis Tong and Paul Tazamalis were the selling agents.

The 87sqm four-level building is currently leased to established tenants including the Sherlock Holmes Pub and Cafe 417.

Mr Rutman told The Australian Financial Review: “No one expected a result like that – but buyers seemed to understand the rarity of the opportunity given that this was the first freehold auction in Collins Street for over six years.”

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