Queen Street – realestatesource

CHALLENGER Diversified Property Group has paid $81 million for an A-grade office at 31 Queen Street in the Melbourne CBD.

The purchase price equates to a yield of 8.17 per cent. FKP sold the 27-level, 19460 square metre office.

A copy of Challenger’s statement about the transaction is copied below.

Victoria

Lombard Building Sells For $9 Million

December 28, 2010 Marc Pallisco Melbourne CBD office sale, Queen Street

QUEEN Street’s historic Lombard Building, in Melbourne, sold to a private investor at auction earlier this month for $9 million.

Recognised by Heritage Victoria as one of the city’s first office blocks developed with passenger lifts, the extravagantly designed eight-level, 2370 square metre building sold on a yield of 6.5 per cent, based on the asset’s annual income of $588,000.

Savills directors Clinton Baxter and Nick Peden received 67 bids from five separate bidders, before 15 – 17 Queen Street, which was built in 1888, sold to a Melbourne-based investor.

In July, another historic CBD building at 167 – 173 Flinders Lane sold for $13.31 million, to businesswoman Carol Schwartz.