Boutique architect and developer Stonehenge has sold two neighbouring office buildings in Clarke Street South Melbourne for $7.55 million.Read more
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.
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.
ING Office Fund today announced progress of its selective asset disposal program with the sale of 412 St Kilda Rd Melbourne for $42.0million, reflecting a 6.7% discount to the 31 December 2008 book value.
The property was acquired in June 1996 at a cost of $34.3million and had a book value at 31 December 2008 of $45 million.Read more
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.Read more