The new owner, registered under the name company TKG Australia, has paid $22 million for the 5,300 square metre A-grade office at 64 78 Trenerry Crescent.
The asset has a 7-year lease to construction company John Holland, which is majority owned by Leighton Holdings. It was offloaded by a DBRREEF managed syndicate, which bought the property for $11 million in 1997.
DBRREEF director of Unlisted Funds Mark turner said The Abbotsford property syndicate has been very successful and in such a strong market the timing was right to sell the Trusts quality asset and therefore obtain the maximum value for our investors.
Knight Frank manager Nick Peden, who marketed the property with managing director Paul Burns, said the sale generated significant investor interest and the sale price equated to $4,175 per square metre, a record price for commercial property in this area, with demand for city fringe investments at an all time high, particularly in the Abbotsford riverside precinct.
Earlier this week, Investa sold a development site at the corner of Trenerry Crescent and Johnston Street, also in Abbotsford, to Opus Capital. The asset was one of two in the inner-eastern suburbs that sold for a combined total of $85 million. Both sites will soon make way for office buildings