AFIAA takes another hit on Melbourne office sale
AFIAA has sold a prominent CBD office for a loss on its 2012 outlay.
The Swiss fund manager is banking a speculated $30-$35 million, sources say, for 525 Flinders Street (pictured, top), part of the 15 year old Northbank development.
It paid $55m.
When the asset was listed last October, guide was c$50m.
Just 42 per cent of the 10 level, 10,271 square metre recently renovated asset is let.
Cushman & Wakefield marketing agents Daniel Wolman, Oliver Hay and Leon Ma declined to comment.
The buyer is speculated to be local private investor Joe Cairns – who has just appointed Cushman & Wakefield to lease the balance.
The deal comes 10 months since AFIAA offloaded 628 Bourke St in the CBD for $115.2m – a significant drop on its ($180.6m) outlay in August, 2017.
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