Amidst one of the strictest lockdowns in the world, a Melbourne CBD office building has sold for $450 million plus. Dexus has announced the sale of 452 Flinders Street to Deka Immobilien, a German property fund which offers professional management of property assets for private investors. The company is part of The Deka Group and is the largest provider of open-ended real estate funds in Germany.
452 Flinders Street (also known as Riverside Plaza) is an A-grade, 19-storey office building which was completed in March 1994. It was originally commissioned by the State Electricity Commission as its head office. The building has net lettable area of 38,349 sqm, including an auditorium on the mezzanine floor, ground floor retail, end of trip facilities and floor plates of 2,700 sqm. There is parking for 294 vehicles over three basement levels. The foyer was refurbished in 2020. Major tenants include Stockland, Jacobs, Vocus Communications and Fraedom.
Dexus had previously bought the building for $201.505 million in 2011. That sale represented an initial yield of 7.77% on a passing income of $15,650,600 (net).