St Kilda Road’s Aviva Building Close to Sale For $55 Million, Apartments Earmarked

A year since coming to the market, Dexus Property Group is believed to be formalising the sale of its huge 509 – 515 St Kilda Road office for about $55 million.
 
Well placed industry sources say a residential-focussed developer is in exclusive due diligence to buy the 7-level, 19,687 square metre office building, which straddles a 6,070 square metre double-sized block near the corner of Commercial Road. 
 
They speculate the office building currently on the site – home to copier and printer giant Fuji Xerox and insurance group Aviva which also leases naming rights – will be demolished to make way for between two to three new high rise towers, flanked by ground floor retail.

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Orchard to Pocket $54 Million From 350 Collins Street Sale

Orchard Funds Management is believed to be close to selling its B-grade Collins Street office building for $54 million.
 
The Citibank Centre, at 350 Collins Street, is a 50-year old, 15-level building with 17,800 square metres of office space, 96 per cent of which is occupied.
 
The building returns about $5.4 million in annual rent, and at a sale price of $54 million, would trade on a yield of 10 per cent.

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Plans to Turn Ormond Hall, St Kilda Road, Into Hotel

The bluestone Ormond Hall in St Kilda Road, home to Victoria’s first Belgian Beer Cafe, will become a boutique hotel, under plans by Stockland, the site’s new owner.

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