Orion International Group has sold the historic Swann House office in the Melbourne CBD for $52 million.
The sale price is two and a half times the $21.6 million the vendor paid for 22 William Street five years ago.
It is also 15 per cent more than the $45 million guide price attached to the asset when it was listed for sale in June.
The buyer is an investor represented by Swiss based fund manager Fidinam Group.
Fidinam plans to add value, not height
Mr Wolman said Fidinam Group plans to add value to the investment, capitalising on Melbourne’s record low vacancy rate of 3.3 per cent.
Swann House occupies an 826 square metre site between the Yarra River and Cbus Property’s landmark mixed-use Collins Arch project.
Zoned Commercial 1, the parcel offers airspace development potential (the agents targeted residential and hotel developers, as well as office investors, as part of their campaign).
However Fidinam Group has no plans to extend the building at present.
Walking distance to both the Flinders Street and Southern Cross train stations, and Yarra River, this parcel is where city founder John Pascoe Fawkner established his first home, in the 1830s.
An art deco office, built for the State Electricity Commission, replaced 22 William Street in 1921.
It contains 5657 sqm of lettable area – about 95 per cent of which is tenanted today.
Swann House also includes 11 car parks.
Swann House makes four in the Melbourne CBD, for Fidinam Group
Elsewhere in the Melbourne CBD, Fidinam Group owns 456 Lonsdale Street and 50 Queen Street.
The fund manager also controls 533 Little Lonsdale Street – a 15-level office financed in the early 1990s by the now defunct Pyramid Group, and which was later owned, separately, by former Macquarie executive Nicholas Moore, and the late Richard Pratt.