Henkell Brothers Pays $34 Million For King Street Office, Melbourne

HENKELL Brothers has paid $34 million for a Melbourne CBD-fringe office building, opposite Flagstaff Gardens.

The 383 King Street building, in West Melbourne, last sold for $41.2 million in 2006, to two Trinity Groups entities, according to the AFR which reported the sale.

The 12,975 square metre office is leased to the National Australia Bank until 2013, but offers redevelopment potential with CBD views that will never be built out.

Knight Frank's Langton McHarg sold the property on an approximate 8 per cent yield. The Trinity Stapled Trust and Trinity Property Trust offloaded the King Street office.

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