Canberra’s Maritime Safety Authority Building Sells For $44 Million

CANBERRA’s near new Australian Maritime Safety Authority building has sold for $44 million to an undisclosed private investor.

The 82 Northbourne Avenue office, which was completed last July, sold on a yield of 7 per cent.

The building measures seven levels and was sold with a 15-year lease to the government, paying a high $430 per square metre (high compared to similar quality offices in Sydney and Melbourne).

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Challenger Sells George Street Cinema Complex, Sydney, For $85 Million

CHALLENGER Financial Services has made $85 million from the sale of its George Street Cinema complex in the Sydney CBD.

Private investors Coombes Property Group has purchased the 505 -523 George Street property, which includes a seven-storey cinema building, and sits on a 4,300 square metre block. The sale price is believed to translate to an approximate 8.25 per cent yield.

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Mario Salvo’s Salvest Capital Pays $15 Million For 128 Exhibition Street, Melbourne

SELF made millionaire Mario Salvo has paid $15 million for an 11-level office building, in a burgeoning pocket of the CBD.
 
The 128 Exhibition Street office – which failed to sell after a public campaign 18 months ago – was offloaded by AMP Capital Investors, which paid $5 million for the asset in 2000.
 
The building will be retained as an investment in Salvest Capital, Mr Salvo’s newly formed commercial real estate investment company, which is directed by prominent Sydney-based property executives Hamish Bowman and James Maitland.

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Juilliard Group Buys 414 La Trobe Street For Close to $50 Million

BRITISH fund manager New Star has sold its Customs House office building in the Melbourne CBD at a 30 per cent less loss to the price it agreed to pay last March.

New Star will make “close to $50 million” from the sale of the 18-level office building at 414 La Trobe Street – far less than the $67 million it paid Investa for the renovated 19-year old tower, last year.

The transaction is the latest in a string of major Melbourne CBD office sales this year, including 303 Collins Street, 350 Collins Street, 473 Bourke Street, 120 Harbour Esplanade (Docklands), and a half share in 1 Spring Street.

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ING Offloads ATO Box Hill Office For $43.8 Million

990 Whitehorse Road, Box HillTHE ING Office Fund has sold a suburban office in Melbourne for $43.8 million, reflecting a high yield of 10 per cent.

The 990 Whitehorse Road office in the eastern suburb of Box Hill is fully occuped by the Australian Taxation Office for whom it was purpose built. The ATO’s lease  at the 21,235 square metre multi-level building expires in 2014.

Views currently enjoyed by the building’s tenants over the Box Hill railway line may soon be lost if a proposed 38-level mixed use tower, mooted for a car park site at the corner of Station and Carrington streets in behind the Centro Box Hill shopping centre, proceeds.

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