Spring Street – realestatesource https://www.realestatesource.com.au Commercial and residential property news Sun, 23 May 2010 04:28:34 +0000 en-US hourly 1 https://wordpress.org/?v=7.0 https://www.realestatesource.com.au/wp-content/uploads/2024/03/rsfav-100x100.png Spring Street – realestatesource https://www.realestatesource.com.au 32 32 Besen Family Pays $67 Million For 1 Spring Street Half Share https://www.realestatesource.com.au/besen-family-pays-67-million-for-1-spring-street-half-share/ Sun, 23 May 2010 04:28:34 +0000 http://realestatesource.com.au/wordpress/besen-family-pays-67-million-for-1-spring-street-half-share.html 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.
]]> Mr Besen works with other developers including boutique builder Fridcorp, Cranecorp and Qube, according to the AFR.

Mr Besen also owns investments Boost Juice and Sass & Bide.

]]> Over Fiftys to Sell 35 Spring Street as High Rise Apartment Development Site https://www.realestatesource.com.au/over-fiftys-to-sell-35-spring-street-as-high-rise-apartment-development-site/ Sun, 28 Feb 2010 17:25:26 +0000 http://realestatesource.com.au/wordpress/over-fiftys-to-sell-35-spring-street-as-high-rise-apartment-development-site.html 35 Spring StreetLOCK 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.
]]> That tower is expected to rob parkland and eastern suburb views enjoyed by tenants at AMP’s Collins Place buildings at 35 and 55 Collins Street, until now the tallest buildings in south-eastern rim of the CBD.

The 35 Spring Street office is fully leased to the State Finance department, which pays a current annual rent of $4.1 million to occupy the 12,984 square metre office on a lease with no renewal options.

The building was one of several offloaded by the State Government in a 2003 sell-off that also a car park at 522 Flinders Lane and 555, 567 and 595 Collins streets.

Over Fifty paid $35.4 million for 35 Spring Street.

Even at the time of sale – and before the concept of CBD living was as accepted as it is now – sources speculated 35 Spring Street, on the corner of Flinders Lane, would be best suited as apartments.

Immediately across the road, at 31 Spring Street, a former 12-level Telstra office was converted into a 25-level luxury apartment tower in about 2000, while one of Melbourne’s earliest high rise condos was developed in the 1980s at 99 Spring Street.

Thirty five Spring Street is expected to fetch about $45 million.

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