Office withdrawals reshaping Melbourne
Office withdrawals for conversion to apartments are driving up rents in Melbourne’s St Kilda Road and Southbank, forcing new commercial development into nearby suburbs such as Richmond and Cremorne, analysis from JLL shows.
Forza finds Carlton buyer
Boutique fund manager Forza Capital has sold a Carlton office building for $37.05 million, close to double what it paid for it four years earlier. The 6,178 square metre office building was sold on a yield of 6.04 per cent and a rate per s
Forza puts Pelham on market
Melbourne-based fund manager Forza Capital has put its Carlton office building on the market. The four-storey 6178 square metre office building is held in its unlisted Forza Pelham Street Fund and yields around 9.5 per cent a year. It was b
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
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.
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.
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 s
