Receivers sell another APH asset
Receivers for Australian Property Holdings, which collapsed late last year, have sold a sprawling office in Melbourne’s Tally Ho Business Park.
The 2314 square metre building with 110 car parks, 16 Lakeside Drive, Burwood East, is trading for just over $8 million, sources say.
APH paid Glorius Sun $13m in early 2022 via BFX Family Office.
Pitcher Partners is the receiver and manager, represented by Andrew Yeo and Lindsay Bainbridge.
The deal comes months after receivers sold 353-383 Burwood Highway, Burwood East – the long time Hewlett Packard headquarters – to Malaysia-government backed MRCB Australia, for $68m.
APH outlaid $91.5m for that 5.7 hectare holding in 2017.
A neighbouring office, 347-351 Burwood Hwy, which APH bought for $45.85m in 2019, also traded this year, to an entity represented by Wizel Property Group, directed by Heng Yang and Yiqia Li.
They picked it up for $36.6m.
On 2.6ha, it contains 10,589 sqm, part configured with a childcare centre. There is also a 721 bay multi-level car park (continues below).
16 Lakeside Drive
On 4867 sqm also exposed to Wesley Court, the bulk of the asset’s car parks (67) are at-grade. The balance are in a basement.
Two tenants occupy the bulk of the office, with 2314 sqm.
The NABERs Energy rating is 3-star.
The deal comes a month since we reported KordaMentha as receiver and manager for another APH asset – South Melbourne’s Clarion Apartments hotel – listed that asset for sale.
Cushman & Wakefield’s Daniel Wolman, Leon Ma and Oliver Hay with HTL Property’s Scott Callow and Andrew Jolliffe have that listing.
Stonebridge’s Julian White, Max Warren and Chao Zhang marketed 16 Lakeside Dve.
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