FKP to sell 399 Lonsdale Street

QUEENSLAND-born developer and fund manager FKP has quietly listed another major CBD asset for sale.

FKP, which recently relocated its headquarters to Sydney, can expect some $35 million, sources say, for the fully-leased office at 399 Lonsdale Street.

The 10-storey building, on the south-west corner of Hardware Lane, was developed in 1986 and fully refurbished in 1993 and 1997. It includes 10,176 square metres of office space, and is fully leased to education service provider Taylors College.

In recent years, the top of the city has become a private education service hub. Last March, education entrepreneur Shesh Gale, owner of the Melbourne Institute of Technology, paid $15 million for the historic Argus building at the north-west corner of La Trobe and Elizabeth streets, which will reopen as a school after a refurbishment.

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Toorak Road Tudor complex sells

307 - 315 Toorak Road, South YarraA DISTINCTIVE Tudor style complex in Toorak Road, South Yarra, with five ground floor shops and an upstairs office, has sold for $6.7 million.

Based on the assets annual rent of $296,021, the 638 square metre building sold on a low yield of 4.4 per cent.

Knight Frank’s Marcus Quinn and Paul Henley sold the asset at 307 – 315 Toorak Road.

Mr Quinn said the property offers the new owner plenty of value-adding potential, covering just 50 per cent of the 1000 square metre land area.

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