Home  Articles Macquarie Direct Property Fund Buys Queens Road Building
Macquarie Direct Property Fund Buys Queens Road Building |
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Written by Marc Pallisco
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Wednesday, 01 August 2007 |
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Macquarie Direct Property Fund has revealed itself as the buyer of the former Zurich office building at 71 Queens Road.
The Fund will pay $26.25 million for the 8400 square metre fully leased 11-storey office tower. The sale price reflects a yield of 7.9 per cent, a record low for Queens Road, which runs parallel to the more established St Kilda Road office precinct.
News of a sale was first flagged in this column two months ago however speculation it was the Macquarie Office Trust that was in exclusive due diligence to buy the property, was incorrect.
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