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.
Syndicate buyer
On behalf of a syndicate to be managed by real estate agent and adviser Alasdair MacGillivray, Sandhurst Trustees Ltd - the 129-year-old wealth manager now part of Bendigo Bank - is paying a speculated $40 million for the 606 St Kilda Road office building. The former Hoescht House was refitted as a high end and environmentally efficient workplace in 2002 after failing to sell as a residential apartment project.
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 snaps up Bayside landmark
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. The firm bought the five-level office, at 973 Nepean Highway in Bentleigh, on behalf of a partnership of European investors.
Hacked By GeNErAL
Private syndicator Henkell Brothers Investment Management has snapped up a $41.5 million Melbourne office building in one of the biggest suburban deals so far this year. The veteran syndicator has acquired Bayside Junction at 973 Nepean Highway in Bentleigh, in Melbourne’s south-east, on behalf of a partnership of European investors.