Mirvac Retains Ownership of $28 Million Suburban Offices

Mirvac Funds Management has decided to retain three office buildings at com.park@mulgrave, after an expression of interest campaign failed to generate offers close to the $28 million the developer and asset manager was after.

Mirvac picked up the three office buildings, one which has wide frontage to Wellington Road, as part of its merger with James Fielding in 2004.

CB Richard Ellis senior associate director Justin Clarkson, who was marketing the portfolio with Colliers International, confirmed the assets had been withdrawn from sale when contacted by Capital Gain.

The portfolio is the latest in a string of properties put to the market in the first quarter of this year, but which failed to sell.

Elsewhere, Investa Property Group will still entertain new offers for its $400 million 242 Exhibition Street office building.

FKP is also trying to sell its $80 million Geelong TAC headquarters, while Henkell Brothers fund managers is believed to be struggling to offload two suburban office buildings in Melbourne’s outer south-east for $30 milion.

Like Mirvac, developer Austexx withdraw its $160 million South Wharf office building from the market earlier this year, apparently after a lack of buyer interest.

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