Collins Street office sold for second time in four years
The historic Collins Street local headquarters for online giant Alibaba has sold for the second time in four years.
About $30 million – no more – is being paid for #411, according to sources, from local commercial real estate focused businessman, Renato Del Monaco.
Seller, Peachtree Capital outlaid $40.5m in late 2020, settling early the following year.
The building also underwent a refurbishment.
411 Collins Street
Over nine floors, 411 Collins St contains 3015 square metres – two thirds of which is tenanted.
Plexus is also a prominent occupier (story continues below).
JLL’s Josh Rutman, Nick Peden and MingXuan Li were the agents.
Mr Del Monaco controls, amongst other businesses, Del Monaco Group, LH Property Group, Lombard Homes and Delcorp Homes.
He has also for years owned a heritage building on Queen St, now known as Lombard House.
The deal comes five months since AFIAA sold 628 Bourke St for $115.1m – a drop on the $180.6m it paid as part of an asset-swap deal in 2017. Another $35m was invested on a renovation in 2021.
Also today we are reporting that Zurich fund manager listed 525 Flinders St for sale – a high profile office abutting the train line between Flinders Street and Southern Cross stations – for c$50m.
Subscribe to our newsletter at the bottom of this page.
