Henkell brothers buy Bayside Junction landmark in Melbourne
Private syndicator Henkell Brothers Investment Managers has moved on the Bayside Junction office building in Melbourne’s southeastern suburbs with a $41.5 million purchase.
St Kilda Road 10-level tower fetches $40 million
Wealthy Hong Kong expat Malcolm Dumenil has sold 606 St Kilda Road, a 10-level office tower on the city fringe, to Melbourne investment firm Bayley Stuart Capital for $40 million. The deal was struck on an initial yield of 7 percent and a strong building rate of $4,625 per sqm.
Syndicate buyer
On behalf of a syndicate to be managed by real estate agent and adviser Alasdair MacGillivray, Sandhurst Trustees Ltd is paying a speculated $40 million for the 606 St Kilda Road office building.
Petrol king swoops on Singaporeans’ distress
Singapore’s International Healthway Corporation has found buyers for two prime assets on Melbourne’s St Kilda Road, worth $118 million in total, after it lost the confidence of its bankers, who appointed receivers to sell the assets.
Boulevard life sends office vacancy lower
Residential conversion of office space on the St Kilda Road boulevard has led to the strip’s lowest office vacancy rate in eight years. Its office vacancy rate has dropped to 7.3 per cent, according to research by Savills, a level 38 per cent tighter than the 25-year average of 11.8 per cent. Savills associate director of office leasing Kizzy Okoukoni said: “It’s been phenomenal. The residen
