Charter Hall to Sell 150 Queen Street Office, Melbourne, at a Loss

SYDNEY-based fund manager Charter Hall can expect some $25 million from the sale of a Melbourne CBD office it bought for $32 million in September 2007 – just weeks before the last commercial property market peak.

A spokeswoman said the Charter Hall Core Office Fund will use moneys from the sale to invest in larger, prime opportunities.

The asset on offer at 150 Queen Street (pictured, right), on the corner of Bourke Street, was developed in the 1960s and known for years as the Prudential Building.

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Charter Hall, Telstra Super Pay $300 Million For Brisbane Square Office

THE Brisbane Square office building has sold for $300 million to a consortium including Charter Hall Group’s wholesale Core Plus Office Fund, and Telstra Super.

The duo purchased the asset from WA super group Westscheme.

Measuring 57,300 square metres, the A-grade office sale is due to settle by mid November.

A Charter Hall statement is copied below:

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Charter Hall Starts Marketing Townhouses at Former Nylex Mentone Site

CHARTER Hall is set to start building a $75 million housing estate on part of Nylex’s former industrial products manufacturing and distribution complex in Mentone, a site which it has snapped up in stages over the past four years.

In a trend that is seeing interstate builders increasingly look to Melbourne’s outer suburbs for opportunity, the Sydney-based developer plans to build 119 townhouses on the 3.3 hectare site at the south-west corner of Warrigal Road and Oak Avenue.

Construction of the project, to be known as Aquilo, is set to start within weeks. Marketing of the first townhouses, priced from just under half a million each, commences today.

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Macquarie to Sell Majority of Management Business to Charter Hall

MACQUARIE Group Limited will sell the majority of its Australian real estate business to the Sydney-based Charter Hall.

Macaquarie will sell the management of two listed trusts – Macquarie Office and Macquarie Countrywide – and three unlisted real estate funds including the Macquarie Direct Property Fund.

Details of the deals are in the Macquarie Group Limited statement below:

 

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Charter Hall Offloads Almost $170 Million in Assets

SYDNEY-based fund manager and developer Charter Hall is continuing its selling spree, offloading $170 million of office and industrial property this week.

The Core Plus Office Fund has made $60.2 million from the sale of the Victorian College of Pharmacy building at Monash University, which sold to an overseas investment group.

Other sales including Bunnings stores and a Harvey Norman, are detailed in the Charter Hall announcement below:

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Charter Hall Sells Interest in Abbotsford Portfolio For $18.3 Million

CHARTER HALL has sold its half share interest in a portfolio of ten inner-city investment properties, with redevelopment potential.
 
Charter Hall will sell its share in the “Fosters Abbotsford” portfolio to its consortium partner for the investment, the Wyllie Group. The $18.3 million sale price reflects a yield of about 8.15 per cent for Wyllie, and a 9 per cent discount to the Charter Hall December 2008 independent book value.

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Charter Hall Confirms Purchase of Channel 9 Site in Willoughby & Richmond, Apartments Planned

Charter Hall, one of Australia’s leading property fund managers and property developers has been awarded the exclusive right to negotiate the purchase of the Nine Network’s headquarters in both Sydney and Melbourne following a tender process.

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