Forza Capital Pays $20.6 Million For Carlton Office

FORZA Capital, the new investment vehicle created by breakaway Drapac senior directors Ashley Wain and Adam Murchie  have made another commercial property play – paying $20.6 million for a low-rise office with redevelopment potential adjacent to the Exhibition Gardens and Melbourne Museum.

The five-level office (pictured, right) with 175 basement car parks at 15-31 Pelham Street in Carlton, near the CBD border, returns $1.74 million in annual rent and sold on a yield of 8.4 per cent.

Much of the asset’s value lies in its development potential – with the 3772 square metre block able to accommodate three or more major towers down the track.  Carlton accommodates some of Melbourne’s most dense accommodation, configured as studios, or student accommodation.  In 2010 local developer Grocon proposed a 280-metre, 89-level tower with 800 flats for a nearby Carlton site. It developed Victoria’s tallest skyscraper – the 297-metre 90-level Eureka Tower in Southbank, with 556 flats.

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LIMS Building Starts Construction in Bundoora

MELBOURNE’s next unique office – which will in this case be configured as a laboratory and classrooms – starts construction in Bundoora this month.

La Trobe University’s $93 million La Trobe Institute of Molecular Science (LIMS) project will rise six levels from Science Road, at its Bundoora campus, about 17 kilometres north of town.

The biotechnology and nanotechnology education facility is due for completion late next year.

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Cheap Rents Drive St Kilda Road Office Leasing Activity

St Kilda RoadSEVERAL major office lease deals have been signed in St Kilda Road, in what is hoped will bring down vacancy from dangerous new highs recorded earlier this year.

The biggest deal is to Fujitsu Australia Limited, which will lease 25 car spaces and 3131 square metres over three levels at 570 St Kilda Road.

Fujitsu staff will relocate from offices in the CBD and at its prominent 1230 Nepean Highway office in Cheltenham.

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