Offshore investor snaps up major Melbourne car park
EXCLUSIVE
Frasers Property Australia has sold a major car park servicing a 37 level Melbourne office built with GPT in 2005.
The 265-bay single storey investment at 2 Southbank Boulevard, Southbank, reaped $16 million – a 6.72 per cent yield.
Wilson Parking has managed it since new.
The buyer is Singapore based – the result pricing each bay at $60,377.
“The sale of the Freshwater Place car park represents only the fifth multi-car park sale in Melbourne in the past seven years,” the JLL marketing agents said (story continues below).
By value, it is also the city’s largest strata sale since 2021, they added.
It is the priciest transaction to occur in Southbank this year as well, according to the executives.
Frasers was known as Australand when it co-developed the 53,000 square metre, 5.5-star NABERs rated Premium grade office.
In 2019 it sold its 50pc stake to GPT for the Wholesale Office Fund – banking $342m.
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