Spring Street – realestatesource

MELBOURNE’s Besen family has spent $67 million buying a half share interest in one of the CBD’s most distinctive “gateway” buildings, 1 Spring Street.

Daniel Besen, the son of shopping centre magnate Marc, purchased a 50 per cent stake in the 28-level 1 Spring Street office on the corner of Flinders Street, on a yield of 7.5 per cent.

Record Realty was the vendor.

Victoria

Over Fiftys to Sell 35 Spring Street as High Rise Apartment Development Site

March 1, 2010 Marc Pallisco Melbourne CBD development site sale, Melbourne CBD office sale, Spring Street

LOCK the date into your diary: 2015 should see the demolition of one of the CBD’s more prominent eyesores.

The spectacularly located, mission brown, 35 Spring Street office building, opposite Treasury Gardens may seize functioning as an office, 41 years after it was built.

Vendor, the Over Fifty Direct Property Trust, will sell the building with plans for a predominantly glass, 39-level, 165-unit glass apartment complex.