Mirvac PFA May Sell 390 St Kilda Road Office Building

Sources say Mirvac PFA Diversified Property Trust is considering selling the Brixton house building at 390 St Kilda Road, after owning it for less than two years.
The 23-level tower was developed in the late 1970s, and is about twice the size of many other St Kilda Road buildings, which are limited by height restrictions.
Because of its height, the middle and upper level offices within 390 St Kilda Road have great views of the CBD, Shrine of Remembrance, Albert Park Lake and Port Phillip – making it attractive to tenants, and able to achieve a higher rent.
The biggest tenant in the 16,472 square metre building is health service provider Mayne Group which also leases naming rights.
Mirvac bought 390 St Kilda Road in August 2007 for about $63 million. Sources expect it to sell for around $50 million in the current environment, which would represent a rate per square metre of just over $3,000.
Mirvac declined to comment.

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Marc Pallisco

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