Trinity Offloads $25 Million in Melbourne Assets

A WEEK after agreeing to sell a 50 per cent stake in its $800 million wholesale funds management business to Clarence Property Corp, the Queensland-based Trinity Funds Management Limited is offloading some Melbourne assets.

In the biggest deal, a Mulgrave asset co-owned by two Trinity trusts has sold for $23 million. The property included three office buildings, 11 industrial office warehouse units and was spread over almost 5 hectares.

CB Richard Ellis director Andrew Stewart negotiated that sale.

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Henkell Brothers Pays $34 Million For King Street Office, Melbourne

HENKELL Brothers has paid $34 million for a Melbourne CBD-fringe office building, opposite Flagstaff Gardens.

The 383 King Street building, in West Melbourne, last sold for $41.2 million in 2006, to two Trinity Groups entities, according to the AFR which reported the sale.

The 12,975 square metre office is leased to the National Australia Bank until 2013, but offers redevelopment potential with CBD views that will never be built out.

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