SachsenFonds Expected to Make Small Loss Selling South Melbourne Office
A nondescript 24,635 square metre A-grade office was developed on the Multiplex portion but the property is perhaps best recognised for its ground floor car dealership tenants: BMW and Mini Cooper.
The asset was later owned by Investa, which in early 2008 and at the start of the economic downturn, sold it to SachsenFonds, a subsidiary of the Frankfurt-based KanAm Group and its funds.
The building transacted for $137 million and on a yield of 6.5 per cent, despite having a book value of $115 million. Colliers International describes the rent being paid by sole tenant ANZ as under market and with scope for growth.
Nick Rathgeber, John Marasco and Leigh Melbourne are marketing the asset for SachsenFonds.
