Asset managers trade Melbourne office
AEW has sold its maiden Melbourne investment after six years.
The Boston based asset manager is banking just over $170 million, sources say, for 31 Queen Street – with 19,219 square metres over 22 floors and a 172-bay five level basement car park.
It paid Challenger $201m then spent c$30m on a revamp.
That seller paid $81m in 2011 from FKP which also refurbished.
AEW was represented by Cushman & Wakefield’s Nick Rathgeber and Leigh Melbourne
BayleyStuart is the buyer.
31 Queen Street
Developed in 1976 on 1427 sqm at the south west corner of Flinders Lane, 31 Queen St also includes ground floor retail and a business lounge.
The NABERS rating is 4-star.
The deal comes 18 months since BayleyStuart acquired nearby 628 Bourke Street for $115.1m – a dramatic discount on the c$216m seller AFIAA paid in 2017 (including c$35m on a renovation).
Late last year, it bought 468 St Kilda Road from Australian Unity.
That result – $41.75m – was a major discount on the $62m valuation.
Nine months ago meanwhile planning minister Sonia Kilkenny permitted BayleyStuart to replace a three storey Cremorne office at 101 Cremorne St – the ex-Colorado headquarters, built in 2005 – with a 12 level one.
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