Challenger Sells 417 St Kilda Road, Melbourne, For $80 Million

INVESTMENT manager Challenger has offloaded a major St Kilda Road tower in an $80 million deal.

The 10-level, 20,000 square metre A-grade office at #417 (pictured, right) has been purchased by syndicate Newmark Property Group, headed by ex Lend Lease and Mirvac executive Chris Langford and Simon Morris, previously director of the Peninsula Development Group.

The sale price represents a high yield of about 9 per cent. For years known as the Mobil building, 417 St Kilda Road includes Oracle and the Red Cross as major tenants.

Read more

Wesfarmers To Unveil New Concept Store, Urban at Target, in Melbourne

WESFARMERS owned Target will open the first of its “small format store” in Melbourne, in September.

The new store, Urban by Target, will occupy 1000 square metres of space once occupied by Virgin Megastore at the prominent Jam Factory in South Yarra, owned by Challenger.

Wesfarmers, which also owns supermarket giant Coles, is looking to expand both its Urban by Target and Target Country divisions. It’s also planning more large-format Target stores.

Read more

Kraft Foods to Sublease Prominent Port Melbourne Office, Ahead of Move to South Wharf

THE outgoing Kraft Foods building – one of the inner-city’s largest standalone offices – is for rent.
 
The high-tech suburban headquarters – built for but never occupied by Boeing Industries ten years ago, measures 10,230 square metres and includes 360 car spaces.
 
The 187 Todd Road office is owned by Challenger which reportedly paid Salta $46 million for it, and a 12,000 square metre office warehouse at 300 Lorimer Street in 2002. Kraft is relocating to new offices at South Wharf.

Read more

Andrew Myer to Reap $55 Million From The Well Shopping Centre, Camberwell

Andrew MyerANDREW Myer has decided to sell his Camberwell shopping centre, The Well.
 
The son of late philanthropist Ken Myer and grandson of Myer department store founder Sidney Myer, can expect to make about $55 million for the 9,240 square metre centre.
 
The Well opened eight months ago and includes about 30 speciality shops, a 1,202 square metre JB Hi Fi and a 2,812 square metre Coles supermarket.

Read more