Colliers International has completed the largest commercial property deal (per sq m) in Austria, with the leasehold sale of a mixed-use building in Vienna city centre for €23.3 million (€21,000 per sq m) to Viennese company, Palais Immo GMBH, owned by a Liechtenstein trust.

On behalf of the vendors Lillot Zweite GMBH, a rent for the 1,117 sq m (3,665 sq ft) building was agreed at €21,000 per sq m (€70,000 per square foot), which beat the previous record by circa 100 per cent (the closest deal previously was at circa €10,000 sq m).

The 1914 townhouse building, located at 3 Plankengasse close to the well-known Neuer Markt square, comprises of a top-floor luxury penthouse, retail unit on the ground and first floors, and offices on levels two and three. The property underwent extensive renovation in 2008 to incorporate a residential penthouse.