Minogue family list Hawthorn office

Kylie Minogue sold an Armadale terrace for $1.715 million in February.

The Minogue family is selling an A-grade Hawthorn office acquired during construction in 2007.

At 108-110 Church Street, the asset is expected to trade for c$20 million.

The Hawthorn asset’s fully let net annual income is c$931,928.

The vendor paid Les Smith’s LAS Group $12.5m.

Part of the space was later occupied by patriarch Ron Minogue, an accountant.

The building also dubs as the headquarters for KDB Pty Ltd – an investment vehicle for his wife, Carol, and children, Kylie, Danni and Brendan.

108-110 Church Street, Hawthorn

The Hawthorn office includes a historic two storey brick building attached to a three level glass complex.

All up there is c2366 square metres of lettable floor area.

There is also a two floor underground car park with 70 bays.

The Commercial 1 zoned site spreads 1592 sqm.

Assuming the asset sells for $20m, the net market yield would be c4.7 per cent (story continues below).

The Minogue family picked up the office three months prior to it being completed.

CBRE’s Scott Orchard, Tom Ryan and Jimmy Tat are the agents.

“The property presents a really attractive investment case given the tightly held and robust Hawthorn office market,” Mr Orchard said.

“It offers a Weighted Average Lease Expiry of just under five years and a diverse income stream from a quality spread of national and even NYSE-branded tenants, occupying quality, cost intensive fit outs,” according to the executive.

“The property fundamentals are very strong throughout, with a number of unique attributes, including architectural features and common courtyard open space amenity, that provide versatility and competitive points of difference to future proof the asset,” Mr Ryan added.

“There is also some rent reversion upside, with the campaign representing only the second public sale of a circa $20m office property in Hawthorn or Boroondara this year”.

The listing comes seven months since London-based Kylie sold an Armadale terrace for $1.715m.

That property, 25 Cambridge St, was acquired for $185,000 in 1990, then rented out.

The family has also held retail investments, in Canterbury’s Maling Road, and CBD self-storage assets.

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Marc Pallisco

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