Mirvac sells St Kilda Road office
Mirvac has suffered another hit selling an office, this one in Melbourne’s city fringe.
The ASX-listed developer is banking $130 million, sources say, for 380 St Kilda Road, about four kilometres south of the city centre, after completing a major repositioning last year.
The buyer is Paul Henley’s OneEast Capital, acting for an entity associated with Malaysia’s OSK Property.
The result is about $33m below the December, 2025, book value.
Cushman & Wakefield’s Leigh Melbourne and Nick Rathgeber brokered the off-market deal.
The sale comes 15 months since realestatesource.com.au reported OneEast, acting for Harry Stamoulis, paid $195.3m for 357 Collins Street in the city
Next owner for landmark office
Mirvac bought a 50 per cent stake in 380 St Kilda Road in 1995; at the time it was six years old and known as the Royal Domain Centre.
In 2001, it bought the balance.
The 15-level building was valued at $163.4m in December following a refurbishment understood to have cost about $60m.
The tower contains about 25,945 square metres of office accommodation – some 45pc of which is vacant. Defence Health and C41 Capital anchor the balance. The weighted average lease expiry by income is about two years.
The site spans 3649 square metres at the north east corner of Park Street, opposite the Royal Botanic Gardens and new Anzac station (continues below).
A new lobby, end-of-trip facilities and upgraded tenant amenities formed part of the refurbishment.
Mirvac records another loss
The St Kilda Road deal comes two years since realestatesource.com.au reported Mirvac sold 367 Collins St in Melbourne for about $340m, below the tower’s late-2022 book value of $412.9m and after an earlier deal at around $400m failed to complete.
Hong Kong’s Pacific Alliance Group was the buyer.
Mirvac also sold 383 La Trobe St, Melbourne, in 2024, for $88m.
It paid $122m for that office, the Australian Federal Police headquarters, in 2018, with plans for a major office redevelopment.
That buyer was SP Setia.
In Sydney, Mirvac sold 75 George St, Parramatta, last year for about $50m, after acquiring the A-grade office in 2017 for $86.3m with plans to replace it with a commercial tower.
That sale represented a discount of about 42pc to the purchase price and 31pc to the asset’s June 2023 book value ($72.8m).
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