Melbourne city fringe office sale

Industry Superannuation Property Trust can expect to make between $30 million and $35 million from what might be the most under-utilised property in St Kilda Road.

The Clemenger House office building, at # 474, is spread over two blocks and three streets.

Given the shifting attitude in recent years to convert St Kilda Road offices into high rise apartment skyscrapers, 474 St Kilda Road is expected to arouse interest from residential developers.

Victoria

Adelaide Syndicate Pays Becton $27 Million For East Melbourne Office

January 15, 2010 Marc Pallisco becton, east melbourne, Harmony Group, Melbourne city fringe office sale, syndicate, Wellington Parade South

A BRANCH of Adelaide-based property syndicate Harmony Group has paid $27 million for an office building at the bottom of an apartment complex, in East Melbourne.

The Wellington Parade South office building failed to sell for $30 million when it first hit the market last year. It came onto the market as Becton also offloaded the Wang House office in the CBD, and another office in St Kilda Road.

Andrew Cain, director of Harmony Group, told the AFR, which reported the deal, the investment group specialises in offering property syndicates which would appeal to high net worth individuals.