private investor – realestatesource https://www.realestatesource.com.au Commercial and residential property news Wed, 25 Nov 2009 11:34:41 +0000 en-US hourly 1 https://wordpress.org/?v=7.0.4 https://www.realestatesource.com.au/wp-content/uploads/2024/03/rsfav-100x100.png private investor – realestatesource https://www.realestatesource.com.au 32 32 Canberra’s Maritime Safety Authority Building Sells For $44 Million https://www.realestatesource.com.au/canberras-maritime-safety-authority-building-sells-for-44-million/ Wed, 25 Nov 2009 11:34:41 +0000 http://realestatesource.com.au/wordpress/canberras-maritime-safety-authority-building-sells-for-44-million.html 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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According to The Australian the building was offloaded by a consortium of private investors known as Melvip

The sale comes as Mirvac withdraws from sale the Department of Health and Ageing headquarters, in Woden, which was for sale for some time at about $200 million.

Recently in Canberra, German Fund Real IS paid $200 million for the Australian Taxation Office headquarters, while the Roberts family paid $123 million for Industry House.

]]> Mario Salvo’s Salvest Capital Pays $15 Million For 128 Exhibition Street, Melbourne https://www.realestatesource.com.au/mario-salvos-salvest-capital-pays-15-million-for-128-exhibition-street-melbourne/ Wed, 25 Nov 2009 11:18:41 +0000 http://realestatesource.com.au/wordpress/mario-salvos-salvest-capital-pays-15-million-for-128-exhibition-street-melbourne.html 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.

]]> Mr Salvo, a former motor mechanic, is most recognised in property circles for his role directing First Delta Group, which develops major inner-city apartment buildings.
 
Salvest Capital is a separate entity to FDG, specifically targeting strategies that have appeared due to the recent economic downturn. The company plans to invest in large capital city office and commercial markets.
 
Chief executive officer Mr Bowman declined to comment about a deal at 128 Exhibition Street when contacted by BusinessDay. An AMP Capital Investors spokesman was unavailable.
 
Colliers International marketing agent Matt Stagg also refused to disclose specific details of the deal, but did say the Melbourne CBD is considered the best placed Australian capital city to benefit from the anticipated recovery of the commercial property market.
 
“There are a number of off-market transactions currently being negotiated throughout the Melbourne CBD by investors seeking to secure a position for the next cycle of rental and capital growth.”
 
According to the Property Council of Australia, office vacancy levels in the precinct defined as the Eastern Core – where 128 Exhibition Street is located – is a low 2.8 per cent.
 
Since AMP purchased 128 Exhibition Street almost ten years ago, development activity in the precinct has been rampant.
 
The biggest development is of two major office buildings across the road, part of the Multiplex’s SX development, which is being developed on the former Southern Cross Hotel site. A hotel is also under construction next door to SX at 135 Bourke Street, while plans are afoot to redevelop apartments behind the historic Windsor Hotel, on nearby Spring Street.

]]> Juilliard Group Buys 414 La Trobe Street For Close to $50 Million https://www.realestatesource.com.au/juilliard-group-buys-414-la-trobe-street-for-close-to-50-million/ Wed, 28 Oct 2009 12:06:22 +0000 http://realestatesource.com.au/wordpress/juilliard-group-buys-414-la-trobe-street-for-close-to-50-million.html 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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News of a 414 La Trobe Street resale was first speculated last month.

The new owners are believed to be private investors the Juilliard Group, according to the AFR.

The sale price represents a high yield of 9.25 per cent yield, based on the building’s annual income. Earlier this year management of the fund manager was taken over by the Henderson Group.

]]> ING Offloads ATO Box Hill Office For $43.8 Million https://www.realestatesource.com.au/ing-offloads-ato-box-hill-office-for-438-million/ Mon, 17 Aug 2009 13:22:52 +0000 http://realestatesource.com.au/wordpress/ing-offloads-ato-box-hill-office-for-438-million.html 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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The 21,235 square metre 990 Whitehorse Road building is the latest in a string to be offloaded by ING recently.

It also recently sold the 412 St Kilda Road Victoria Police headquarters for $42 million, and a multi-level office building called Budejovicka Alej, in Prague, for $A53 million, according to the Herald Sun. ING paid $62.6 million for that Prague office two years earlier.

The buyer of the Box Hill property is reported by the AFR as Hong-Kong based Glorious Sun, which owns Jeanswest in Australia, and other property assets. CB Richard Ellis agents Martin O’Sullivan and Justin Clarkson marketed the Box Hill office.

A map of the building is here:

http://maps.google.com.au/maps?hl=en&as_q=990+whitehorse+road,+box+hill+3128&as_epq=&as_oq=&as_eq=&num=10&lr=&as_filetype=&as_sitesearch=&as_qdr=all&as_rights=&as_occt=any&cr=&as_nlo=&as_nhi=&safe=images&um=1&ie=UTF-8&q=990+whitehorse+road,+box+hill+3128&fb=1&split=1&gl=au&cid=0,0,2543910691891233127&ei=s-SJSuecIM-PkQXrubisBw&sa=X&oi=local_result&ct=image&resnum=1

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