Centuria Capital is paying Deague Group $205.1 million for a new South Melbourne office.
The price for 101 Moray Street reflects a five per cent market yield.
About 19 per cent of the 15,908 square metre eight-level investment is for lease.
Cushman & Wakefield’s Nick Rathgeber, Leigh Melbourne, Josh Cullen and Mark Hansen were the agents.
101 Moray Street
The office was constructed on a 4058 sqm block – 89-109 Moray St – which Deague acquired for $24.65m in 2017.
That vendor, the Shearman family, a backer of the Dr Lewin Private Skin Formula range, offered it permit-ready.
Southern Cross Austereo committed to a 10 year lease in May, when the property was listed for sale.
Other tenants include Adobe and co-work outfit The Commons, which trades there as Central House.
The Weighted Average Lease Expiry is 6.6 years (story continues below).
There are 240 car parks.
Deague also controls the Kings Business Park in the area.
Second inner-Melbourne office acquisition since June
The South Melbourne acquisition comes two months since Centuria paid members of the Grollo family $223.7m for a near-new Footscray office, in the city’s west.
That deal reflected a 4.7pc capitalisation rate.
The property will be held in a single-asset trust; a $133m capital raising for it closed, subscribed, this week.
Centuria will hold 101 Moray St in its Office REIT.
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