Demand for suburban office booms

An enthusiastic investor has paid $10.6 million for an Armadale office that exchanged just a year ago for $7.9 million. In one of two large off-market deals inked for suburban office assets this week, 1155 High Street sold before a market campaign was to have begun, and on a low yield of about 5 per cent.

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Armadale CBD building makes quickfire profit

A modern mixed-use building in the heart of Armadale has sold off-market for $10.6 million, delivering the owner with a handy gross profit of $2.6 million in just 12 months. The three-level property, at 1155 High Street on the corner of Mercer Road, was sold prior to a planned official marketing campaign kicked into gear.

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Mining magnate trades in Brunswick offices

Mining magnate Paul Marks has sold an office property in Melbourne’s hipster suburb of Brunswick for almost $21 million, his second suburban divestment in the past month. The executive chairman of the unlisted Nimrod Resources is understood to be seizing the initiative in a host office market as he boosts equity to pursue a mining project.

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Education groups snap up space

International education provider Study Group has signed a lease for 6700 square metres of space in Church Lane, absorbing space left vacant by Transurban’s move to Collins Square. Complex negotiations to shift the building’s existing tenants took place before the 9 ½ year lease was struck for the 505 Little Collins Street property.

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Study Group signs complex office deal in Church Lane, Melbourne

Leading international education provider, Study Group, has signed a complex lease transaction for over 6,700sqm in Church Lane. CBRE and JLL jointly negotiated the lease for 9.5 years on behalf of a real estate fund of Credit Suisse AG, which purchased the property in 2008 to undertake direct investments in foreign real estate.

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