Frasers finds buyer for Melbourne CBD office
Frasers Property Australia has found a buyer for a CBD office held a decade.
The 22 level 357 Collins Street went into due diligence this week with an as yet undisclosed high net worth private investor.
With 31,780 square metres of A-grade area, the 5-star NABERs rated property only hit the market in February; it was valued last year at $230 million.
Despite being recently renovated, it was promoted as a value-add opportunity.
The asset includes a large lower floor retail component, part which is fit out as a food hall, another, a business lounge.
Its low-to-mid storey floorplates are sizeable too – an average 1948 sqm, or almost half an acre.
The property’s southern boundary also has view security over historic buildings on Flinders St unlikely to be developed over 12 floors (based on other developments in the pocket).
FPA paid $222.5m via the now closed Frasers Commercial Office Trust, from an Australand fund.
It was represented for the sale by Cushman & Wakefield’s Nick Rathgeber, Mark Hansen, Morgan Briscoe, Leigh Melbourne and Josh Cullen.
More to come.
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