Macquarie Office Trust to Sell 71 Queens Road Office, Melbourne

71 Queens RoadMACQUARIE Office Trust is about to test drive the performance of the commercial property markets, listing for sale an office investment overlooking the challenging Schumacher and Piquet bends of the F1 Albert Park race track.

It was just three years ago, but toward the peak of the commercial property market, that MOT paid $26.26 million for the 11-level, 8400 square metre B-grade office previously known as the Zurich building.

Now known as SMEC House, 71 Queens Road is expected to sell this time around for about $23 million, sources say reflecting a yield of about 9.5 per cent based on the asset’s annual income of just over $2.2 million.

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Colonial Leisure Group Buys Port Melbourne Office

THE owner of some of Australia’s most famous real estate will be headquartered from a flash Port Melbourne office, built on land adjoining, and originally part of the General Motors headquarters.

The Colonial Leisure Group – owners of the Portsea Hotel, the Botanical, in South Yarra, and Western Australia’s Raffles Hotel – has paid $3.05 million for two adjoining suites at the Southport Estate Business Park, at 177 Salmon Street.

The Port Melbourne office complex was a joint venture between Mirvac and Australian Super. Part of the deal to acquire the land in about 2005, included the consortium building a new headquarters for Holden.

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