Not for profit bulks up in Collingwood
Independence Australia has purchased a Collingwood property between two it owns, the night before auction.
Formerly ParaQuad Australia, the group paid $3.056 million for 206 Wellington Street, in the shadow of the landmark Matt Adnate’s mural adorning the southern side of a 20 level public housing tower at the north east corner of Vere.
On a 383 square metre Commercial 2 zoned block, the property includes a 325 sqm renovated single storey showroom with two car parks off John St.
The result was $356,000 over what would have been the reserve.
It also reflects a 1.07 per cent net passing yield; mid-century art and furniture retailer, The History occupies on a month-to-month tenancy.
Independence Australia paid $1.155m for the neighbouring property, 204 Wellington St, on 664 sqm, in 2015, utilising it as an investment. It has also owned the double storey building to its north, 208-224, on 1558 sqm, which it occupies, since 1984.
The latest deal comes four months since we reported the Victorian Aboriginal Community Controlled Health Organisation, or VACCHO, outlaid $16.5m for a collection of rented properties in Sackville St, where it owns other sites including its headquarters.
Several not for profits have also rented within a recently completed office at 54 Wellington St, which also has north facing views over the Adnate mural, amongst them, Launch Housing and the Yoorrook Justice Commission (story continues below).
With 15,600 sqm over 12 levels, that building recently hit the market for sale with c$160m price hopes.
Best and final offer process seals deal
Independence Australia contested another suitor, an Asia based investor, when agents conducted a best and final offer process at 8:30pm, June 22, the night before a scheduled auction.
“It became clear both positions were well above the rest of the market,” Stonebridge’s Max Warren, who managed the five week campaign with Dylan Kilner and Shawn Luo, said.
The vendor paid $750,000 in 2004.
Independence Australia is based at West Footscray.
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