Chinese developer buying Melbourne office from ISPT

Sunnyland Investment Group has picked up a St Kilda Road site able to accommodate two apartment buildings over ground floor retail.

The Chinese builder is speculated to be paying $40 million for Clemenger BBDO House.

Vendor Industry Superannuation Property Trust paid Domaine $29.6m in October, 2006.

That vendor, a syndicate majority controlled by Mirvac, spent $20.3m in 2001 – meaning the asset has doubled in value in nine years.

Clemenger BBDO House

On 4645 square metres, Clemenger BBDO House at 472-474 St Kilda Rd contains a 574 bay multi-level car park and c4550 sqm office.

The last tenant vacates in 2015. The address is at the corner of Leopold St and backs onto Queens Lane. Jones Lang LaSalle’s Robert Anderson and James Kaufman were the agents.

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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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