Mirvac eyes stakes in two east coast offices
Mirvac is in advanced negotiations to buy half-stakes in two Premium grade east coast CBD office towers.
The interests in Sydney’s 5 Martin Place (pictured, top), and 171 Collins Street, Melbourne, are understood to be worth over $630 million.
They are expected to be held by the Mirvac Wholesale Office Fund,
Cbus Property is the vendor.
Ray White Commercial’s Ian Hetherington is speculated to have brokered the off-market deals.
Ten weeks ago, realestatesource.com.au reported Cbus bought Brisbane’s Edison Telephone Exchange from Singapore-based Firmus Capital with plans for a Premium grade office.
Sydney, Melbourne assets
The Sydney office contains 33,860 square metres over 19 levels incorporating the restored c1916 11 storey Commonwealth Bank “Money Box” building; key tenants include Challenger and WeWork.
Cbus delivered the building in 2015 with Dexus which held its stake with the Canada Pension Plan Investment Board.
It secured full ownership in mid-2024, outlaying c$296.2m.
It is speculated to be on-selling for about that amount.
The Melbourne asset – with 33,128 sqm over 18 floors, incorporating the historic Mayfair Building – is occupied by, amongst others, Wood Group, for 6809 sqm, VicSuper (3139 sqm) and Evans Partners (1700 sqm).
GHD and McGrathNichol are smaller tenants.
BHP is the anchor for its global headquarters, leasing14,349 sqm until 2029.
Coincidentally, the ASX-listed resource giant’s Brisbane base also sold this week – for $700m.
Cbus and Charter Hall co-developed 171 Collins St in 2013; it was marketed as the first Premium grade office in the city’s ‘Paris end’ for two decades. There are also 136 car parks.
Charter Hall holds its stake in the Office Trust.
Mirvac reinvests in Melbourne
The deals would see Mirvac invest back in Melbourne after a month ago selling a St Kilda Road office on a corner double-block.
Paul Henley’s OneEast Capital was that buyer.
Also this month, Mirvac divested its stake in the former Reader’s Digest headquarters, in Sydney’s Ultimo.
It held that asset since 2017 with Perron Group.
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