Austexx Sells South Wharf Office For $115 Million

AUSTEXX – the owner of the $1.5 billion DFO retail chain – has offloaded an office building in Melbourne’s frantic South Wharf precinct.

German fund Deka Immobilien Investment is reported to be paying about $115 million for the 12-level office, home to Kraft, Baulderstone and shipping giant ANL.

The office was for sale at the peak of the property boom in 2007, but was withdrawn once the economic downturn took hold, while construction continued and the space was leased.

Read more

Motor Accident Commission of SA Reaps $28 Million From Melbourne CBD Office Sale

356 Collins StreetSOUTH Australia’s Motor Accident Commission has reaped a speculated $28.4 million from the sale of a Collins Street office building it has owned for almost twelve years.

Based on the building’s annual rental income of $2.1 million, the 38-year old, 17-level building at 356 Collins Street sold on a yield of 7.5 per cent, a tightening of about 1 per cent on the average yields this time last year, reflecting a strengthening in the CBD office sector.

The 7211 square metre building is considered to be in Collins Street’s best pocket, a block from the Flinders Street Station, Bourke Street Mall and Swanston Street.

Read more

Shesh Ghale to Reap About $22 Million From 388 Lonsdale Street Office Building

Hardware LaneHAVING paid La Trobe University about $15 million for La Trobe Street’s distinctive Argus building in March, the owner of education enterprise Melbourne Institute of Technology, Shesh Ghale, is reweighting his property portfolio.

Mr Ghale has listed for sale a B-grade office tower once known as the Euro Asia building, at 388 Lonsdale Street, on the north-east corner of Hardware Street, and near the Hardware Lane cafe precinct.

Mr Ghale is reported to have paid $12.1 million for the office in May 2004, eventually filling the 13-level, 6618 square metre building for his education business.

Read more

NBV Makes $13.85 Million From Two Adjoining CBD Offices

THE NURSES Board of Victoria has reaped a healthy $13.85 million from the sale of two adjoining office buildings at the Docklands-end of Little Collins Street.

The buildings at 595 and 597 Little Collins Street cover a site area of 1248 square metres, and were said to have aroused interest by residential developers.

In the end however, the low-rise buildings went to an investor who will lease them as offices. Savills Clinton Baxter and Ryan McCormack marketed the sites.

Read more

La Trobe University Sells Argus Building For $15 Million

Argus buildingLA Trobe University has offloaded its asbestos-riddelled Argus newspaper building for $15 million, after spending $34 million trying to get a project off the ground.

Education entrepreneur Shesh Gale, owner of the Melbourne Institute of Technology operation which targets international and domestic students, plans to redevelop the 84-year old building into a teaching facility.

The Australian reports Mr Ghale will spend about $50 million on the renovation, which should be completed by the end of 2011.

Read more

Over Fiftys to Sell 35 Spring Street as High Rise Apartment Development Site

35 Spring StreetLOCK the date into your diary: 2015 should see the demolition of one of the CBD’s more prominent eyesores.

The spectacularly located, mission brown, 35 Spring Street office building, opposite Treasury Gardens may seize functioning as an office, 41 years after it was built.

Vendor, the Over Fifty Direct Property Trust, will sell the building with plans for a predominantly glass, 39-level, 165-unit glass apartment complex.

Read more

Henkell Brothers Pays $34 Million For King Street Office, Melbourne

HENKELL Brothers has paid $34 million for a Melbourne CBD-fringe office building, opposite Flagstaff Gardens.

The 383 King Street building, in West Melbourne, last sold for $41.2 million in 2006, to two Trinity Groups entities, according to the AFR which reported the sale.

The 12,975 square metre office is leased to the National Australia Bank until 2013, but offers redevelopment potential with CBD views that will never be built out.

Read more

Barristers Chambers Limited Pays $54 Million For Owen Dixon Chambers West Office, Melbourne CBD

IT may have taken 23 years, but Barristers Chambers Limited has finally got its hands back on a prominent CBD property at the centre of Melbourne’s court precinct.
BCL, which is owned by the Victorian Bar Council, has paid $54 million, plus GST, for the Owen Dixon Chambers West office building at 525 Lonsdale Street, which it has occupied since 1986.
The purchase marks the end of a tumultuous 30-year association between the site, and BCL, which amongst other things, aims to provide members of the Bar with accommodation in close proximity to the Courts.

Read more

Former Evan Evan Flags Building, Elizabeth Street, Sold For $3,26 Million

A HISTORIC building at the city’s northern tip, famous for being the long-time home of Evan Evan Flags, has sold to boutique furniture store Corporate Culture Australia, which will relocate its gallery from Flinders Lane. Corporate Culture Australia has paid $3.26 million for the 1,300 square metre 680 – 682 Elizabeth Street building, near the Haymarket

Read more

Mario Salvo’s Salvest Capital Pays $15 Million For 128 Exhibition Street, Melbourne

SELF made millionaire Mario Salvo has paid $15 million for an 11-level office building, in a burgeoning pocket of the CBD.
The 128 Exhibition Street office – which failed to sell after a public campaign 18 months ago – was offloaded by AMP Capital Investors, which paid $5 million for the asset in 2000.
The building will be retained as an investment in Salvest Capital, Mr Salvo’s newly formed commercial real estate investment company, which is directed by prominent Sydney-based property executives Hamish Bowman and James Maitland.

Read more

Becton Sells Collins Street Office For $21 Million

BECTON Investment Management has quietly offloaded a CBD building it purchased at the peak of the market two years ago.
The 446 Collins Street office building is speculated to have sold for about $21 million, reflecting an approximate 7.1 per cent yield, based on the building’s annual net income of about $1.5 million.
Allard & Shelton directors Patrick Barnes and Joseph Walton marketed the 11-storey, 5,543 square metre office, but declined to elaborate on a buyer or price. 

Read more

Juilliard Group Buys 414 La Trobe Street For Close to $50 Million

BRITISH fund manager New Star has sold its Customs House office building in the Melbourne CBD at a 30 per cent less loss to the price it agreed to pay last March.

New Star will make “close to $50 million” from the sale of the 18-level office building at 414 La Trobe Street – far less than the $67 million it paid Investa for the renovated 19-year old tower, last year.

The transaction is the latest in a string of major Melbourne CBD office sales this year, including 303 Collins Street, 350 Collins Street, 473 Bourke Street, 120 Harbour Esplanade (Docklands), and a half share in 1 Spring Street.

Read more