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APBC Reaps $12.5 Million From 480 Collins Street Shops

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Written by Marc Pallisco   
Wednesday, 26 May 2010 01:14

480 Collins StreetASIAN Pacific Building Corporation has pocketed $12.5 million from the sale of nine city shops, at the ground floor of the Oaks on Collins serviced office and serviced apartment building, at 480 Collins Street.

Only two of the retail investments had frontage to Collins Street, both of which are leased to Oaks.

The remaining shops – basically trading as a drinking, dining and food hall – sold individually to private investors, according to CB Richard Ellis selling agents Mark Wizel, Sebastian Drapac and Max Cookes.

Asian Pacific Building Corporation, headed by establishment family the Deagues, can expect to make another $12 million from the sale of ten shops, as part of its 1 Queens Road strata office building.

The Deagues paid $11.8 million for that building in 2000, before extending it, and filling it with shops at ground level, apartments up top, and offices in between.

Those with longer memories may remember 1 Queens Road when it was known as the Tabcorp building, and before that, the Racing Industry Building.