Melbourne’s 128 Exhibition Street sold for $16.5 million

It’s been a good week for AMP Capital Investors, which is set to pocket almost $45 million from the disposal of two Melbourne office buildings for it clients.

Sources say the fund manager is close to selling its 570 St Kilda Road office building, for around $28.5 million, to an undisclosed private investor possibly from Western Australia.

The 7,700 square metre, A-grade office building is opposite Stockland’s Royal Victorian Institute for the Blind residential development site, and Wesley College, and that sale price would equate to a yield of about 7 per cent.

Colliers International director John Marasco, who is marketing the property with Pat Burke, confirmed the building was in due diligence when contacted by Capital Gain, but declined to elaborate on any part of the deal.

In the CBD, sources say AMP is also close to selling an 11-level, 4,770 square metre office building at 128 Exhibition Street, for about $16.5 million.

The sale price would equate to a yield of about 6.9 per cent, based on the building’s annual net income of $1.141 million.

A spokeswoman for AMP could not comment. Spokespeople for CBRE, which were marketing the Exhibition Street property, declined to comment.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.

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