Greek club takes hit on Melbourne office sale
The Hellenic Club of Canberra is reweighing its commercial property portfolio, three months after acquiring a major ACT site on which it plans to build a $150 million mixed use project.
Cut from its book this week is an office at Williams Landing, west of Melbourne, acquired for $25.93 million in 2018, settling two years later.
It is selling for $25m to Brisbane based Ascot Capital – an underbidder during the 2018 campaign.
Despite the capital loss, the club, which bought the property via parent, Hellenic Property Investments, collected an income and would have bee able to claim depreciation benefits for tax for 107 Overton Road.
“The property was a strong, reliable asset for the club during our short period of ownership,” Hellenic spokesperson, Ian Cameron, said.
“However a change of strategy and an equity requirement for an exciting development in Canberra precipitated the sale,” he added.
107 Overton Road
Hellenic Property Investments is accepting a 6.4 per cent net passing yield for 107 Overton Rd (story continues below).
It bought on a 5.4pc return.
On 2207 square metres it contains 3126 sqm and 92 car parks.
The Emergency Services Telecommunication Authority occupies, with 10.5 years left on a 15 year agreement.
CBRE’s Scott Orchard and Will Heffernan brokered the off-market sale.
The Hellenic Club in July won an ACT government tender to develop a 1.3 hectare site opposite its Canberra headquarters.
It is paying $18.7m for that parcel, in the Woden Town Centre.
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