Challenger Sells 417 St Kilda Road, Melbourne, For $80 Million

INVESTMENT manager Challenger has offloaded a major St Kilda Road tower in an $80 million deal.

The 10-level, 20,000 square metre A-grade office at #417 (pictured, right) has been purchased by syndicate Newmark Property Group, headed by ex Lend Lease and Mirvac executive Chris Langford and Simon Morris, previously director of the Peninsula Development Group.

The sale price represents a high yield of about 9 per cent. For years known as the Mobil building, 417 St Kilda Road includes Oracle and the Red Cross as major tenants.

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Perron Investments, ProLock to Sell 484 St Kilda Road Office, Melbourne

BILLIONAIRE West Australian investor Stan Perron, with private investor ProLock, can expect about $75 million from the sale of an office building on the Melbourne fringe. The 484 St Kilda Road office, about three kilometres south of the CBD, rises 16 levels and includes 20,366 square metres of net lettable office space. Perron Investments and

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Schwartz Family Corporation to Sell 499 St Kilda Road

AUSTRALIAN hotel owners Schwartz Family Corporation are selling a major St Kilda Road development site bordering Fawkner Park.

The family can expect around $53 million from the sale of The Fawkner Centre at 499 St Kilda Road, Melbourne, near the corner of Commercial Road, which acts as the Prahran and South Yarra suburb border.

The 6070 square metre site includes a 19-level, 21,377 square metre office pictured, right) that currently returns annual rent of $5.9 million.

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Former PM Residence, St Kilda Road, Melbourne, Listed For Sale

ONE of the few remaining historic mansions in Melbourne’s grand St Kilda Road is being offered for sale – but its fate – as a luxury home, or as an equally lavish office – is now in the hands of whoever waves the biggest cheque.

The prominent Airlie mansion at 452 St Kilda Road, on the north-west corner of Arthur Street was once occupied by Prime Minister Stanley Bruce whose Nationalist-Country coalition governed the country between 1923 – 1929.

Built in 1891, Airlie was eminent during a period St Kilda Road was revered as the address of Melbourne’s wealthiest aristocrats and where some of the city’s most grandiose residential real estate was developed.

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474 St Kilda Road Close to Sale For $40 Million

474 St Kilda RoadGONE are the days when St Kilda Road complexes were limited to about 12 levels.

With the sky now the limit in regard to residential development in Melbourne – the value of a low rise office, with three street frontages at 472 – 474 St Kilda Road has ballooned over the past four years.

Sources say Industry Superannuation Property Trust has entered advanced negotiations with an as-yet-undisclosed residential developer, to sell the Clemenger BBDO House building for about $37.5 million.

ISPT paid $29.6 million for the asset in October 2006.

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Nikos Believed to be Behind $21 Million St Kilda Road Purchase

PRIVATE investment group Nikos Property Group is believed to be making its second foray into the St Kilda Road office market.

Sources say the group is in advanced negotiations to buy the 549 St Kilda Road office for $21 million.

The building is being offloaded by Chartis, whose predecessor, American Home Assurance Company, paid $28 million in 1987.

Chartis is relocating its offices to Docklands.

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