A warehouse converted office at the eastern end of Fishermans Bend, closest to the Melbourne Convention and Exhibition Centre, has sold to an Adelaide based school.
The three level building on a 417 square metre Commercial 1 zoned block, 16-20 Thistlethwaite Street, South Melbourne, set the group back $6 million, reflecting a 3.79 per cent yield.
It intends to move in longer term.
The sale of 16-20 Thistlethwaite St to an occupier was unexpected; the property is subject to a lease with marketing agency Think HQ which, with options, can stay until 2031.
The landlord also recently refurbished the 699 sqm of lettable area to an A-grade standard.
Part of it is fit out as a recording studio (story continues below).
There are also 12 undercover car parks.
Next door, Axiom Group recently completed a Build to Rent project, Montague Square, with 107 flats and 86 car parks over 18 floors.
Kirrip Park and the multi-level South Melbourne Primary School are also in the pocket.
Mid last year, the state government unveiled the proposed innovation precinct set to replace the bulk of the ex-GMH Fishermans Bend site, in Port Melbourne, a couple of kilometres west of 16-20 Thistlethwaite St.
Another part of that block is earmarked for a University of Melbourne campus.
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