Wing Tai Holdings Limited buys c$50 million Tally Ho office, off-market

Singaporean property investor Wing Tai Holdings Limited is spending about $50 million on an office investment within the Tally Ho business park, in Melbourne’s east.

The off-market deal for 4 Wesley Court, Burwood East (pictured, top), negotiated by Knight Frank’s Paul Henley, Tom Ryan and Ken Smirk, is understood to reflect an approximate 6.5 per cent passing yield.

Fitted out as a data centre and tenanted to DXC Technology, the three-level office, with about 10,000 square metres of lettable area, sits on a c9200 sqm block.

An aerial image of Tally Ho, used by Fitzroys in the 2016 marketing campaign for 10 Wesley Court (shaded). The office Wing Tai Holdings has bought (#4) is next door to the right (part covered by the HP logo)

The vendor, a private Singapore-based investor, paid $11.2 million for 4 Wesley Court in 1997.

The brokers declined to comment about any part of the deal.

However, sources tell realestatesource.com.au, news of the Wing Tai deal has been mooted for a few months.

Wing Tai Holdings Limited is listed on the Singapore Exchange.

Developed in the 1990s, Tally Ho is considered Melbourne’s first master-planned suburban business park – a concept much more advanced at the time in Sydney.

About 16 kilometres from the city, at the south-west corner of Burwood Highway and Springvale Road, Tally Ho contains 17 offices built around parks and human-made lakes.

A CBRE marketing image showing the VicRoads office at 12 Lakeside Drive (outlined) in relation to other Tally Ho commercial buildings. The L-shaped office which Wing Tai Holdings has bought at 4 Wesley Court. abutting 12 Lakeside Drive, is near the centre in this image, with the green roof.

Many commercial occupiers are in the emergency services field – the Country Fire Authority rents three buildings within the estate.

Last week we reported that Ambulance Victoria signed a 3152 sqm Tally Ho office lease deal, at 12 Wesley Court.

Last September, we reported that members of the Baillieu and Myer families sold an office within the business park to a first time Chinese investor: 12 Lakeside Drive (pictured, above) exchanged for $25.5 million.

In the same month, another China-financed investor, Glorious Sun, paid $9.6 million for 16 Lakeside Drive.

Wing Tai Holdings, meanwhile, has also been an active Melbourne investor.

Last year, it teamed with Abacus Property to buy 464 St Kilda Road from the Victorian Automotive Chamber of Commerce for $95.4 million.

In 2016, Wing Tai Holdings paid fashion industry entrepreneur Richard Harbig $31 million for a seven level car park at 380 Flinders Street in the city, on a 1270 sqm site overlooking the Yarra River and Crown Casino.

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Marc Pallisco

Marc Pallisco

A freelance property writer and analyst, Marc is a co-founder of realestatesource.com.au.

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