Singapore property investor Wing Tai Holdings Limited is spending about $50 million on an office investment at Tally Ho business park, in Melbourne’s east.
The off-market deal for 4 Wesley Court, Burwood East was negotiated by Knight Frank’s Paul Henley, Tom Ryan and Ken Smirk.
The result reflects a c6.5 per cent passing yield.
Tenanted to DXC Technology, the three-level data centre with c10,000 sqm of lettable area occupies a near hectare.
The vendor, a private Singapore-based investor, paid $11.2m in 1997.
Developed in the 1990s, Tally Ho is considered Melbourne’s first master-planned suburban business park – a concept more advanced at the time in Sydney.
Sixteen kilometres from the city, it contains 17 offices built around parks and human-made lakes (story continues below).
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 Ct.
Last September, members of the Baillieu and Myer families sold an office within the business park to a first time Chinese investor: 12 Lakeside Drive exchanged for $25.5m.
In the same month, China-financed Glorious Sun spent $9.6m for 16 Lakeside Dve.
Wing Tai Holdings, meanwhile, has spent elsewhere in the city.
Last year, it teamed with Abacus Property for 464 St Kilda Road – paying the Victorian Automotive Chamber of Commerce $95.4m.
In 2016, Wing Tai Holdings paid fashion industry entrepreneur Richard Harbig $31m for a seven level car park at 380 Flinders Street in the city, on 1270 sqm overlooking Crown Casino and the Yarra River.