Dexus sells five more properties

The Nicholson Street office is trading for $213.7 million.

Dexus has concluded another round of disposals – including an East Melbourne office for $213.7 million.

Two Brisbane warehouses and the manager’s stake in Adelaide’s landmark Australian Bragg Centre are also being divested.

All up the group will bank $483m.

The deals come six weeks since Dexus received $98m selling two Fortitude Valley car dealerships to the occupier, Autosports Group Limited.

Again in November, the fund manager sold two Rhodes offices, to Singapore’s Frasers Property Australia, for $160.5m.

The Sydney based investment house also this quarter offloaded three shopping centres – in Beenleigh, Shepparton and Woy Woy – winding down its Wholesale Property Fund.

Melbourne disposals

In the biggest of the latest disposals, Dexus has exchanged 8 Nicholson Street, East Melbourne, for $213.7m.

The A-grade office, at the south east corner of Victoria St, had been held by the group since late 1993.

It was valued at $205m in 2019, just before COVID.

Shakespeare Property Group is the buyer.

Elsewhere in the city, at Laverton, Dexus sold a business park on a funds through basis for $43.1m – a deal subject to a land subdivision (story continues below).

Beenleigh Marketplace, one of three shopping centres Dexus sold this quarter.

Adelaide, Brisbane, Sydney deals

In Adelaide, the fund manager’s half-stake in the landmark Australian Bragg Centre is selling to the Dexus Healthcare Property Fund, which controls the balance.

The value is undisclosed but Dexus said it will realise net profit of $102.5m.

The asset cost the pair $446.2m in October, 2020.

Also in the South Australian capital, in a deal we reported last month, the group has settled on the sale of Homemaker Prospect, at 19 Stoddart Road, for $78.9m.

AsheMorgan is the buyer. Dexus outlaid $64.2m in 2019.

In Brisbane, an office/warehouse at 112 Cullen Avenue, Eagle Farm, has exchanged for $31.9m; this asset is scheduled to settle in FY24.

Meanwhile a factory at Darra, 47 Acanthus St, occupied by Consolidated Foods, is collecting $15.9m.

The final disposal – again, reported last month – is 12 Frederick Street, in Sydney’s St Leonards (pictured, top), which traded to Gateway Capital and Invesco for $118.5m.

More to come.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of