Two St Kilda Road offices for sale

By on October 10, 2021 0


Pasino Investments paid Centuria $ 28.5 million for 607 St Kilda Road.

Two St Kilda Road offices bought by separate parties a few months apart in 2012 hit the market this week.

The furthest from town – China-backed Pasino Investments sells # 607 – an asset acquired for $ 28.5 million from Centuria, which had just undergone a renovation.

The guide this time around is nearly $ 70 million.

On 12 levels, the building has 7,207 square meters of surface – 95% of which is occupied – and 129 parking spaces.

A little further north, 570 St Kilda Rd is expected to raise over $ 65 million for a union run by Anthony Wilson’s Terraplex.

At the time the seller bought this property – for $ 23.8 million – 40% of the 10 floors, or 7,647 square meters, were vacant.

It was then renovated.

CBRE Kiran pillai, Scott McGlone and Hugh thomson with Leigh Melbourne of Cushman & Wakefield, Nick Rathgeber, Mark Hansen and Josh Cullen are the agents.

M. Melbourne in conjunction with Josh Rutman of JLL, Simon Quinn and Mingxuan Li market # 607 (story continues below).

“The office investment market in Melbourne has been deprived of opportunity… with a single business asset of over $ 50 million that has changed hands at St Kilda Rd in the past 24 months. [the Flight Centre headquarters at #436]”said Mr. Rutman.

“It’s no surprise that buyers are actively looking for properties within the compound,” according to the executive.

“The motto of St Kilda Road has evolved as tenants seek to locate near the CBD and within walking distance of green spaces and the future Anzac train station”.

Mr Pillai added “despite a COVID context, the districts of Melbourne CBD and St Kilda Road have established themselves as robust and resilient markets”.

The announcements come two months since we announced that Parekh Developments had paid $ 25 million for a 1,804 m² block at 596 St Kilda Rd, which is expected to make way for a mixed-use project of approximately 20 floors.

In July, Alfred Health shelled out $ 31 million for # 545 with plans for a medical center – the first non-residential proposal on the streets in more than two decades.

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