It is expected that the new owner of the property will use the time the asset is returning an income to propose a landmark residential redevelopment. The building is in the process of being heritage listed.
All Nations pays annual rent of about $885,586 to occupy the five-level art-deco building opposite Crown Casino. On that basis the sale price reflects a yield of about 8.2 per cent. Kliger Wood’s Grant McKenzie and Russell Meerkin were the marketing agents