NSW Transport Department Spents $48.5 Million on Epping Office Asset Which it Will Demolish

THE New South Wales state transport department has paid $48.5 million for a prominent suburban office park in Sydney, which it will bulldoze, as part of its $8.5 billion North-West Rail Link project.

The office park was offloaded by Abacus Property Group which paid $25 million for the asset in 1997.

A lot of the asset’s value lay in its residential redevelopment potential. Instead the site will become the location for the North West Rail Link’s Epping Services facility. The purchase gives the government four buildings near the Epping railway station and bus interchange in the suburban north-west.

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Mulpha to Reap $120 Million From Melbourne Airport Hilton Hotel

MALAYSIA-based Mulpha Australia has listed its Melbourne Airport Hilton Hotel.

The 276-room low rise motel, opposite Melbourne Airport’s main terminal, is expected to sell for about $120 million as an investment. Mulpha purchased the hotel in 2004, as part of a portfolio offered by Principal Hotel Group.

The hotel includes 16 conference rooms, a gym, restaurant and swimming pool.

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