The Australian office of e-commerce giant Alibaba on Melbourne’s Collins Street has changed hands – at a 25 per cent discount to the price it last transacted at four years ago, when interest rates were at record lows and enthusiasm for office assets was returning.

The nine-storey office block at 411 Collins Street with net lettable area of 3015 square metres sold for about $30 million according to market sources, well below the $40.5 million vendor Peachtree Capital paid in early 2021.