Melbourne’s Target Centre Sells For $89.2 Million

SINGAPORE based private investor Philip Lim is understood to be the mystery buyer paying $89.2 million for an asset on the footsteps of the Bourke Street Mall.

The Target Centre, at 222 – 244 Bourke Street was listed for sale earlier this year by Wesfarmers controlled Coles Group.

The asset includes 10,077 square metres of retail space, and an 11,113 square metre office component. Tenants include Vintage Cellars, Gloria Jeans, Jetstar and Monash College but Target occupies the majority of the building which returns $6.4 million in annual rent, and is said to be selling on a yield of 7.2 per cent.

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Melbourne’s 206 Bourke Street Hits Market: $100 Million Expected

IT’S been a major department store, a flagship city-cinema complex and a problem development site. 

And now – 206 Bourke Street is set to be Melbourne’s next nine-figure offering.

Private developer Les Smith with joint venture partner Macquarie Bank are selling the major 3140 square metre city block known between 1985 and 2005 as the Village City Centre, and occupied by the cinema as offices until mid-2008.

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