Australian Unity Sells Former Austereo Office, St Kilda For About $10 Million

AUSTRALIAN Unity has sold another Melbourne asset, this time in the bayside suburb of St Kilda.

The prominent black office at 180 St Kilda Road was occupied for years by Austereo as the studio headquarters of radio stations Fox FM and Triple M.

Austereo recently relocated to a new state-of-the-art facility in South Melbourne, but sublet its offices at 180 St Kilda Road, where it is committed until June 2014.

Based on the building’s current annual rent of $854,000, and sale price of $10 million, the asset sold on a yield of 8.5 per cent. The office measures 2956 square metres and includes a 61-bay basement car park and residential redevelopment potential.

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