Institutions Offload Commercial Property

In the city fringe, Macquarie Direct Property Fund will be hoping to get the $60 million book value of its 1 Nicholson Street office building in East Melbourne, which it bought from another Macquarie fund in March 2004 for $48.8 million.

Australand is also selling a 4-level Southgate office building, which it picked up as part of the development site that later made way for its Freshwater Place complex. CBRE expects 17 – 23 Queensbridge Street, opposite Crown Casino, to sell for about $10 million.

ING Real Estate, owner of the troubled Southern Star Observation Wheel in Docklands, has listed for sale its Endeavour Hills Shopping Centre in Melbourne’s outer south-east. Stonebridge selling agent Jonathan Fox declined to speculate on price, however sources speculate it could sell for about $100 million.

And a national campaign has begun to sell or lease 43 vacant learning centres nationally, believed to be former ABC Learning Centres. The sale includes in Victoria centres in Epping, Pakenham and Wantirna South. Jones Lang LaSalle’s Dominic Gibson and Matthieu Lucas are marketing the properties but declined to comment on any part of the campaign when contacted.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.

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