Brutal blow for AU with Melbourne office sale
Australian Unity has sold the final asset from the Office Fund (AOF).
The manager is taking a major hit – collecting $41.75 million before disposal costs for 468 St Kilda Road, Melbourne, which was listed in September.
An independent valuation priced it at $62m, assuming a 7.25 per cent capitalisation rate.
Bayley Stuart Capital is the buyer.
The deal comes two months since the AOF divested a Canberra office for $21.2m (against a $29.5m December, 2023, valuation).
Last year meanwhile it sold assets in Parramatta and in Brisbane, in the CBD and Beenleigh (story continues below).
468 St Kilda Road
On 2350 square metres, 468 St Kilda Rd contains a 13 level, 11,210 sqm B-grade office which is 74.5pc occupied.
Marketed for its potential to earn just over $5m per annum, the result reflects a c8.3pc fully let market yield.
On December 17, following settlement, an extraordinary general meeting will be held to approve closing the trust. Units closed at $1.06 on Friday, down 12.81pc for the week.
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