Co-investors, property developers Michael Lasky’s Lascorp Group and the Herzog family, have sold adjoining assets on the banks of the Yarra River in Abbotsford for $37.3 million.
A Chinese investor is acquiring the holding, 45 and 50 Grosvenor Street (pictured, top), on a 5 per cent passing yield.
The investment includes a fully refurbished and high-quality 8145 square metre office-warehouse built into a historic former Weston’s Biscuit Factory, and a neighbouring car park.
All up the properties occupy land of 9476 sqm which offers longer-term redevelopment potential.
Australia Post signed a 10-year lease just prior to CBRE launching a marketing campaign in August. Global technology company Honeywell is also an occupant – its lease expiring in 2021.
The asset last sold for $8.8 million in 2006, shortly after Weston’s ceased production, and before Lascorp and Herzog undertook a conversion.
Brokers Mark Wizel, Josh Rutman, Julian White and Lewis Tong marketed the property near the Victoria Gardens shopping centre and the Kew suburb border.