Australian Natives Association Building Sells

The 9-level building was offloaded by private investor Stephen Leung late last year, in a $9.6 million deal negotiated off market by Savills.

Since that purchase, sources say the new owner has subdivided the ground floor and basement retail space – and onsold it for about $9 million.

The remainder of the building – upper office levels totalling about 2100 square metres – will be retained for the owner, effectively for a purchase price of $600,000, sources say.

Capital Gain stumbled on the story after it discovered education service provider Ghurkas Institute, has taken a lease over a large lick of office space at the art-deco building.

Savills director Phillip Cullity is believed to be behind all the transactions, but declined to comment when contacted by Capital Gain.

It isn’t the first time a building owner has bought an entire building, subdivided and then sold out.

In 2003, Sydney-based private investor Michael Figg paid $20.85 million for 55 Swanston Street, at the corner of Flinders Lane. He then sold the three ground floor shops for about $15 million, retaining the upper 10 levels of offices, some of which has also subdivided and sold.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.

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