Wing Tai spends $50m at Tally Ho

Tally Ho from 2016.

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.

Tally Ho

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.

The VicRoads office at 12 Lakeside Drive.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of