Suncorp Close to Selling Wedding Cake Building, Brisbane, For $65 Million

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.

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Abacus and Kirsh Buy Sydney CBD Offices

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.

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

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.

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