Sources say the deal is expected to reap the developer – owned by a group of local and interstate private investors – about $45million, or 42 per cent more than the $31.8 million it paid in late 1998.
The 9-level, 10,125 square metre building A-grade building, on the corner of Coventry Street, is the closest St Kilda Road office building to the CBD –and is walking distance from Flinders Street station, which will always make it attractive to tenants.
Kador managing director, and environmentally sustainable development advocate, Carolyn Parker failed to return Capital Gain’s call before we went to print.
Sources say the developer is expected to use funds from the sale of the building to purchase other refurbishment opportunities, however this could not be confirmed.
Kador is responsible for the hugely successful 500 Collins Street office building, the first and oldest refurbished CBD office building in Australia to achieve a Green Star rating by the Green Building Council.
CB Richard Ellis managing director Matt Haddon is selling Gateway with Mark Granter.