Abacus – realestatesource

SUNCORP is reported to be close to selling a Brisbane CBD office building known locally as “the Wedding Cake” because of its layered design.

The 18-level, 16,340 square metre office at 36 Wickham Terrace is understood to be “under contract” for about $65 million.

The sale, to a private investor, is part of a plan by Suncorp to consolidate ten office locations in Brisbane, to two. In Brisbane, Suncorp is reportedly in the market for between 27,000 sqm and 30,000 sq m of new space to occupy by the end of 2013.

New South Wales

Abacus and Kirsh Buy Sydney CBD Offices

January 19, 2011 Marc Pallisco Abacus, Kirsh Group, Martin Place, Sydney CBD office sale

PRIVATE investor Kirsh Group has paid a combined price of $153.5 million for two Martin Place, Sydney office towers.

The private group worked with the ASX listed Abacus Property Group to acquire No 14 Martin Place for $95 million. Kirsh purchased 4 Martin Place on its own, for $58.5 million. Wealthy publican Cyril Maloney was the vendor of both properties.

The sales reflect market yields of about 8 per cent.

Last August, Kirsh and Abacus paid $174 million for the Birkenhead Point Shopping Centre and Marina, also in Sydney.

New South Wales

Abacus Sells Sydney Office For $78 Million

September 19, 2010 Marc Pallisco Abacus, City of Sydney, Dexus, George Street, Sydney CBD office sale

ABACUS Property Group has reaped $78 million from the sale of 343 George Street, Sydney.

In an ASX announcement the Sydney-based group confirmed it will settle to sell the property in September.

Abacus paid Dexus $55 million for the building last July, before leasing up vacant office and ground floor retail space.

Victoria

Coles Group Buys Piece of Major Brighton Mixed Use Village, Melbourne

September 21, 2010 Marc Pallisco Abacus, brighton, Coles, Wesfarmers

WESFARMERS owned Coles Group is speculated to be paying around $13 million for an as-yet-undeveloped, approximate 4200 square metre supermarket in the ritzy Bay Street, Brighton retail strip.

Sources say Coles is purchasing the space off ASX listed Abacus Property Group, which is proposing a mixed use village for the site on the south-west corner of Male Street.

The property, for a couple of years now a block of dirt behind a fence, was earmarked for a $38 million office and retail complex, however it’s understood a new complex with a residential component is now proposed.