Two St Kilda Road offices for sale
Two St Kilda Road offices purchased by separate parties within months of each other in 2012 hit the market this week.
Furthest from the city – China-backed Pasino Investments is selling #607 – an asset acquired for $28.5 million from Centuria, which had just undertaken a renovation.
The guide this time around is nearly $70m.
Over 12 levels, the building contains 7207 square metres of area – 95 per cent of which is occupied – and 129 car parks.
A little further north, 570 St Kilda Rd is expected to reap more than $65 million for a syndicate managed by Anthony Wilson’s Terraplex.
At the time the vendor bought this property – for $23.8m – 40pc of the 10-storey, 7647 sqm space was vacant.
It was later refurbished.
CBRE’s Kiran Pillai, Scott McGlone and Hugh Thomson with Cushman & Wakefield’s Leigh Melbourne, Nick Rathgeber, Mark Hansen and Josh Cullen are the agents.
Mr Melbourne in conjunction with JLL’s Josh Rutman, Simon Quinn and Mingxuan Li are marketing #607 (story continues below).
“The office investment market in Melbourne has been starved of opportunities…with only one commercial asset above $50m changing hands in St Kilda Rd in the last 24 months [the Flight Centre headquarters at #436],” Mr Rutman said.
“It’s no surprise that buyers are actively hunting for properties in the precinct,” according to the executive.
“St Kilda Road’s currency has evolved as tenants look to base themselves close to the CBD and within walking distance of green open spaces and the future Anzac train station”.
Mr Pillai added “despite a COVID backdrop, the Melbourne CBD and St Kilda Road precincts have stood up as robust and resilient markets”.
The listings come two months since we reported Parekh Developments paid $25m for an 1804 sqm block at 596 St Kilda Rd, expected to make way for a circa-20 level mixed use project.
In July, Alfred Health outlaid $31m for #545 with plans for a medical centre – the first non residential proposal in the street for more than two decades.
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