ISPT To Reap About $35 Million From Sale of 474 St Kilda Road

474 St Kilda RoadIndustry Superannuation Property Trust can expect to make between $30 million and $35 million from what might be the most under-utilised property in St Kilda Road.

The Clemenger House office building, at # 474, is spread over two blocks and three streets.

Given the shifting attitude in recent years to convert St Kilda Road offices into high rise apartment skyscrapers, 474 St Kilda Road is expected to arouse interest from residential developers.

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ISPT sells 55 Hunter Street for $106.1m

INDUSTRY Superannuation Property Trust has sold a Sydney CBD office building to private group, City Freeholds, for $106.1 million.

The 55 Hunter Street building sold on a yield of about 7.5 per cent.

The sale is the latest healthy office transaction in the Sydney CBD. Last month Investa Property Group paid more than $95 million for a half share in 60 Martin Place, while overseas investors are paying $685 million  for the luxury Aurora Place.

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Hamton, ISPT Forge With Plans to Develop $200 Million Riverfront Village, Abbotsford

THE development consortium which bought three low-rise offices on the banks of the Yarra River, is forging ahead with plans to demolish two of the buildings, and replace the space with a $200 million residential village.
Developers Hamton and Industry Superannuation Property Trust have started marketing apartments at 677 – 679 Victoria Street, opposite the Victoria Gardens shopping centre in Abbotsford, at the suburb border of Kew and Hawthorn.

The developers are reported to have paid Becton about $30 million for the office complex late last year, outmuscling traditional property investors sniffing the market out at the time for good bargains.

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ISPT Sells 522 Flinders Lane Car Park For $38 Million

INDUSTRY Superannuation Property Trust has sold a freestanding 10-level Melbourne CBD car park for $38 million.

The 522 Flinders Lane property abuts the massive, but vacant 567 Collins Street site, earmarked to become a major office building as soon as owners APN and Leighton can find tenants.

The Flinders Street car park sold on a yield of 7.96 per cent to a private investor who owns another car park, in a Knight Frank led campaign.

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