Mario Salvo to Sell 128 Exhibition Street, Melbourne, After a Year

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.

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

41 Exhibition StreetCONSTRUCTION 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.

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