In yet another strong CBD fringe sale, the Five0Nine Building at 509 St Kilda Road has reportedly sold for about $165 million.
The property was placed on the market in August by Josh Rutman and Luke Etherington of CBRE Melbourne. The vendor was 509 SKR Pty Ltd, a private company owned by property developer, John Beville of Darling Point.
The buyer is undisclosed at this point though a caveat registering an interest in the freehold estate of the property was lodged in late October by Da Xie.
Five0Nine is a seven-storey office building with five ground floor showrooms, a bistro on level six, a rooftop tennis court and car parking for 333 vehicles on the ground floor and basement levels. It has a building area of 19,687 sqm and there is a full height atrium foyer finished with a glazed apex roof, a bluestone and marble sculpture by Akio Makigawa in the landscaped forecourt and a colonnaded facade finished in polished granite and glass. Tenants include Fuji Xerox, AIA Australia and the Consolato Generale d'Italia.
Mr Beville purchased the site for $83,934,662 in 2014 and appears to have almost doubled his money. At a sale price $165 million it would represent an initial yield of 4.92% on passing income of $8,111,853.