Former ASX Building at 357 Collins Street Back on the Market After 15 Years

It was once the heart of the city’s financial centre, and is said to occupy the best position on Collins Street. But for almost fifteen years, the former Australian Stock Exchange Melbourne headquarters at 357 Collins Street has sat derelict and vacant.

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Office Sector Set to Strengthen in 2011: Report

LAST year, by and large, residential landlords were the investors best able to reap the rewards of a short supply, by boosting their rents.

This year however, may be year of the office landlord.

According to a new report by commercial real estate agency Colliers International, office rental costs are expected to increase in most capital cities, because of a shortage of new supply and an improving economy.

It expects office vacancies to fall in all major CBD office markets expect Brisbane (which already has a high 9.6 per cent vacancy).

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Devine Temporarily Defers 145 Ann Street Office Building, Brisbane CBD

QUEENSLAND-based developer Devine Property Group, now backed by Leighton Holdings, has shelved plans for a $300 million office building in central Brisbane, citing the economic downturn.

The 37-level, 33,000 square metre office building was to have started construction in the middle of last year, and be complete in 2011. However evidence is emerging that the once-darling Brisbane CBD office market is oversupplied, meaning the project could be deferred for a long period, or shelved completely.

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Investa to sell Two CBD Offices Worth $600 Million

242 Exhibition Street
UNLISTED property giant Investa has put up for sale two more CBD office buildings for sale, one in each of Sydney and Melbourne.

In Sydney, the group will sell a 32-level office building at 312 – 322 Pitt Street. The 29,159 square metre, A-grade building includes 29 levels of offices, ground floor retail and a shared loading dock with a neighbouring building.

The Pitt Street building is expected to sell for about $200 million.

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Grocon to Develop Two CBD Offices in Castlereagh St Sydney and Collins Street Melbourne

171 Collins Street
MELBOURNE builder Grocon is expected to unveil itself as the owner of two prominent city development sites, one in Melbourne and one in Sydney.

Grocon is expected to confirm it will pay between $35 million and $40 million for the former “shop of shops” experiment at 171 Collins Street, in the Melbourne CBD. That site is earmarked for a controversial 17-level, $260 million office building which needed to be approved by the Victorian Civil and Administrative Tribunal last year.

VCAT’s approval ended a long-serving Melbourne CBD planning arrangement, whereby buildings around the Swanston Street core would be height restricted.

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One Martin Street Sydney Half-Share Sale May be Off The Table

THE high profile campaign to sell a half share interest in Sydney’s landmark One Martin Place office building may be off the table.

The two Macquarie trusts which owns the asset, are reported to be holding onto the office tower, which is used as Macquarie’s headquarters. The building’s entire value fell from $530 million to $485 million in December, according to Macquarie. It was hoping to achieve more than $200 million for a half share, but has failed.

Macquarie has a $128.9 million debt expiry at the end of August.

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Orchard to Pocket $54 Million From 350 Collins Street Sale

Orchard Funds Management is believed to be close to selling its B-grade Collins Street office building for $54 million.
 
The Citibank Centre, at 350 Collins Street, is a 50-year old, 15-level building with 17,800 square metres of office space, 96 per cent of which is occupied.
 
The building returns about $5.4 million in annual rent, and at a sale price of $54 million, would trade on a yield of 10 per cent.

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Challenger to Sell 330 Collins Street Office Building For $130 Million

In what is sure to be a litmus test following a bout of sharemarket volatility, the Challenger Premier Hybrid Property Fund will sell the 330 Collins Street office building it has owned for seven years, in what is the biggest “investment grade” CBD office asset put to the market this year.

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