Mantzis Group swoops on historic Melbourne office
Dexus has sold a heritage Collins Street office, acquired through its acquisition of AMP Capital’s real estate and domestic infrastructure funds business two years ago.
The 10 level asset, built in the 1920s as the AMP Victorian headquarters at #425 (pictured, top), on the south east of Market Street, traded for $40 million to Mantzis Property Group – owned by executives which also control Sleepeezee Bedding – which was advised by OneEast Capital.
Renovated by Bates Smart, it contains 5381 square metres including retail space; Wisewood Mahoney Lawyers and Serraview Australia are amongst the tenants. There is also basement car parking.
The site spreads 1162 sqm zoned Commercial 1 with airspace development upside.
Dexus quits another office
Nine offers came in for 425 Collins St following an expressions of interest campaign last year, CBRE’s Kiran Pillai said (story continues below).
For Dexus, which held the property in the Wholesale Australia Property Fund (DWAPF), the deal comes in about 20 per cent less than the building’s peak value.
It previously traded in 2016 for $39m.
The deal comes a fortnight since we reported the manager, for the same trust, sold an office in Brisbane’s inner-city, for over $50m.
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