SachsenFonds Expected to Make Small Loss Selling South Melbourne Office

GERMAN based SachsenFonds is hoping to break-even from the sale of a major inner-city office it bought three years ago for $137 million – $22 million more than its then book value.

The 11-level glass office at 209 Kingsway (pictured), on the south-east corner of Dorcas Street is built on the site of the South Melbourne tram depot.

Private investor Clement Lee purchased the entire tram depot site from the Kennett government in 1997 for $18 million.

The day after settlement, Mr Lee famously sold a portion to residential developer Central Equity for $18 million. The 9,632 square metre balance sold to Multiplex for $20 million.

Read more