Up Property swoops on CBD corner office
Up Property has purchased its first Melbourne CBD investment – an office highly exposed to a tree-lined section of Queen Street, one holding from Collins.
Also at the north west corner of Flinders Lane, the asset – 50 Queen Street – is speculated to be costing over $45 million.
Vendor, Swiss fund manager, ST Real Estate, outlaid $40.7m in 2014.
It has also updated the c1973 building with 9156 square metres over 16 floors – though the office area is classified B-grade.
The investment does however score a 4 star NABERs rating.
Cushman & Wakefield’s Daniel Wolman, who represented ST Real Estate with Oliver Hay and Leon Ma with Teska Carson’s Adrian Boutsakis and Matthew Feld, said the expressions of interest campaign launched in February was highly competitive, with 11 offers (story continues below).
Nine were domestic.
Up, an active Melbourne and Geelong commercial investor and developer for more than a decade, has been building its book during the recent downturn.
Last July, it paid Telstra nearly $7m for a c1919 ex-exchange in Armadale – where it is headquartered – on 1475 sqm with significant long term mixed-use development upside.
It plans to hold 50 Queen St as an investment after a value-add initiative.
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