David Hains Portland Properties to Sell Port Melbourne Asset
The asset will be sold with a finite lease to March 2026, when the investment needs to be handed back to the Crown.
Until that time, Lemon Baxter selling agent Paul O’Sullivan expects the new owner to reap a generous rental return, starting at about $204,123 per annum – the balance after a $267,000 annual rent is paid to the Crown for use of the land.
Portland is understood to have owned the property for about ten years. The company which owns several commercial assets often reweights properties within its portfolio. A representative declined to comment.
