Fawkner buys Melbourne HQ from landlord
Fawkner Property has bought the A-grade office it rents for its headquarters.
On a double sized block in the part of Melbourne zoned 3004 – about five kilometres south of the CBD – 484 St Kilda Road is speculated to have set the asset manager back c$65 million.
An investment vehicle managed by Switzerland based Keuhne was the seller.
It previously sold for $94m in 2014.
The deal comes six months since we reported Solomon Lew bought a St Kilda Road office on a double block from his landlord.
Another tenant buys in
Over 16 levels, 484 St Kilda Rd contains 20,270 square metres and 223 basement car parks.
Tenants include Frasers Property, Garnaut Private Wealth and Vitera (continues below).
The site spreads 4576 sqm at the north west corner of Louise Street.
Guide was over $90m when it hit the market in September.
Fawkner is expected to reposition the asset, about 35 per cent of which is vacant.
The present annual net return is $6,012,409.
Assuming a fully let building at market rent, this would rise to $10,869,832.
CBRE with Knight Frank were the agents.
Subscribe to our newsletter at the bottom of this page.
