Abacus Group has sold an A-grade suburban office – also once Kraft’s headquarters – for a premium despite one of its key tenants, processed meat giant JBS, recently moving out.
The four level, 9243 square metre building at 187 Todd Road, at the north east corner of Lorimer Street, Port Melbourne, collected $52 million from a company backed by Toorak based private investor Ian Davis.
Nowadays a multi-tenanted investment, it contains a high car park ratio – with 358 bays.
On 1.17 hectares, zoned Commercial 2 in the employment precinct of Fishermans Bend – at 480ha, the country’s largest urban renewal project – the holding is considered underdeveloped.
Abacus, which recently de-stapled to create a self storage fund, Abacus Storage King REIT, with ASX code ASK, paid Terraplex $43.5m in 2017 (story continues below).
That seller, led by Anthony Wilson, picked it up four years earlier from a partnership comprising Challenger – outlaying $26.25m.
The property was developed in 2000 for British Aerospace, or BAE Systems; at the time it was considered one of the city’s most high-tech buildings.
However when that tenant pulled out of the deal during construction, Kraft took it up, staying 10 years.
Lemon Baxter’s Chris Chartres is managing the 187 Todd Rd leasing campaign after JBS relocated to Wentworth Capital’s 650 Lorimer St in the suburb.
Subscribe to our newsletter at the bottom of this page.