Colonial First State Makes Loss on 300 Queen Street Office

QUEENSLAND businessman Kevin Seymour will pay $110 million for an office building in the Brisbane CBD.

Vendor Colonial First State confirmed negotiations are underway to sell the 25-level 300 Queen Street office building at a $22 million loss to its $132 million March 31, 2009 book value.

The sale price reflects a yield of 8.35 per cent for Mr Seymour, who is reported to be “a renowned counter-cyclical investor”.

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Trinity Offloads $51m In Offices

QUEENSLAND-based property group Trinity has offloaded three commercial office buildings for more than $51 million.

The sales include Brisbane’s 410 Queen Street which sold to a private investor for $23.8 million, and a small wharf building which sold for $5.26 million. Trinity also offloaded an office building in King William Street Adelaide for $21.75 million.

Trinity announced to the ASX earlier this week it recorded a $225 million loss with $46 million attributed to devaluations.

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Orchard Puts 233 Castlereagh Street on the Market

MONTHS after listing its 350 Collins Street office for sale in Melbourne, Orchard Funds Management has put a Sydney CBD building on the market, in a deal which could be worth $130 million.

Orchard is selling its 31-level 233 Castlereagh Street building in Sydney, three years after buying it for $120 million with joint venture partners Leighton Properties and Lend Lease Real Estate. The office building is now 95 per cent occupied, returning about $9 million per annum. This compares to 40 per cent when the consortium bought the building in 2006.

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Becton to Make Loss From Sale of Wang House, Melbourne

BECTON can expect to make about $27 million from the sale of the former Wang House office building, at 45 William Street in the CBD, which it listed for sale this week.
The 14-level, 9010 square metre office, on the north-west corner of Flinders Lane, is 86 per cent occupied. Based on the building’s potential fully let annual income of $2.4 million, the building is expected to sell on a yield of between 8.5 and 9 per cent.

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Colonial First State to Reap $59 Million From 215 Spring Street Sale

COLONIAL First State will reap $59 million from the sale of its 215 Spring Street office building, once the headquarters of professional services giant PricewaterhouseCoopers.
Private investor and developer the Knowles Group has purchased the 22-year old, 9-level building which has three street frontages and is opposite a Parliament train station entrance, and the Parliament Gardens.
CFS, via a previous Commonwealth Bank association, paid $42 million for the 15,549 square metre office in March 2000.

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