Shesh Ghale to Reap About $22 Million From 388 Lonsdale Street Office Building
The 51-year old building, on a 689 square metre block, will be sold with a 5+5 year leaseback to the Melbourne Institute of Technology, which is agreeing to pay a starting rent of $1.8 million.
It’s expected to sell for about $22 million, which would reflect a yield of about 8.1 per cent.
Colliers International’s Pat Burke and Matt Stagg are the marketing agents.
Mr Ghale is planning to redevelop the 1926 Argus building into a $50 million university campus, and restore a clock tower that was part of the building’s original design.
He also owns a development site around the Queen Victoria Market, where an $80 million education facility is planned.
