Frasers finds buyer for Melbourne CBD office
Frasers Property Australia has found a buyer for a CBD office held a decade.
Local private investor Harry Stamoulis is in due diligence for 357 Collins Street for a speculated $200 million.
With 31,780 square metres of retail and A-grade office area over 25 levels, the 5-star NABERs rated property only hit the market in February; it was valued last year at $230m.
Despite being recently renovated, it was promoted as a value-add opportunity.
The asset includes a large lower floor retail component, part which is fit out as a food hall, another, a business lounge.
Its low-to-mid storey floorplates are sizeable too – an average 1948 sqm, or almost half an acre.
The property’s southern boundary also has view security over historic buildings on Flinders St unlikely to be developed over 12 floors (based on other developments in the pocket).
FPA paid $222.5m via the now closed Frasers Commercial Office Trust, from an Australand fund.
It was represented for the sale by Cushman & Wakefield’s Nick Rathgeber, Mark Hansen, Morgan Briscoe, Leigh Melbourne and Josh Cullen.
OneEast’s Paul Henley is acting for Mr Stamoulis.
The deal comes almost 18 months since the private investor paid Charter Hall $155m for East Melbourne’s landmark 1 Nicholson Street – Australia’s first skyscraper when it was completed in 1958 – at 19 floors.
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