Exhibition Street – realestatesource

HIGH rise apartment developer Mario Salvo has decided to sell a CBD office investment he purchased at a low point in the commercial property market last year.

Mr Salvo can expect around $17.5 million, sources say, for the 38-year old, 11-level, 4781 square metre office at 128 Exhibition Street. He paid AMP Henderson Global Investors $15 million for the asset last October.

The building is opposite what was the Southern Cross Hotel, which has been recently been redeveloped into a high rise compound with a new retail laneway and offices off both Exhibition and Bourke streets.

Victoria

RAIA to Start Construction of Melbourne CBD’s Next Office Building

August 25, 2010 Marc Pallisco Exhibition Street, Melbourne CBD Office Building

CONSTRUCTION of the city’s next major office tower will start in February, after seven, strata titled levels of a proposed buidling sold “off-the-plan” to owner occupiers, in a pre-marketing campaign.

The Royal Australian Institute of Architects will build an uber-luxurious, $40 million, 21-level tower at the north-west corner of Exhibition Street and Flinders Lane.

Measuring approximately 7000 square metres, the RAIA will occupy levels 1 to 4 of the new building, which will sit between much larger skyscrapers including the Ernst & Young building at 8 Exhibition Street, the Collins Place towers and the recently refurbished Grand Hyatt Hotel.