Marwood buys Melbourne office at 16pc yield
EXCLUSIVE
Abrdn has sold a St Kilda Road office for a dramatic loss on the price it paid 10 years ago – before renovating.
The 13 level asset at #432, formerly known as ANL House, is collecting $28 million from local development and investment firm Marwood Property – its first office investment.
The result reflects a c15.7 per cent fully let market yield (about 3400 sqm is vacant).
It was the second St Kilda Rd office deal to seal last quarter: in November, Australian Unity sold #468 to Bayley Stuart Capital.
That price – $41.75m before disposal costs – fell well short of a $62m valuation.
High yield deal
Edinburgh based Abrdn, formerly known as Standard Life, Aberdeen Asset Management then Standard Life Aberdeen, paid $41.6m for 432 St Kilda Rd (story continues below).
With 9128 square metres and a two level basement car park, it occupies a 2327 sqm block near the Anzac station, set to open this year.
Marwood, which has developed industrial and residential product, is intending another revamp including to the exterior.
Led by John Marro, the group has also rebranded the building to Exchange 432.
JLL’s Shane Keogh and Matt Szakiel are the leasing agents.
That agency’s Paul Kempton, Josh Rutman, Piper Dedrick and Tim Carr also managed the sale.
Subscribe to our newsletter at the bottom of this page.
