Charter Hall Office Trust announces $230 million sale

Charter Hall Office Trust announces $230 million sale

Charter Hall Office Trust, one of the largest managers of CBD office properties in Australia, has sold two of its commercial assets for $230 million.

In probably the last major commercial sale before Christmas, the Charter Hall Office Trust has just announced the $230 million sale of two of its commercial assets. 

Charter Hall, one of the largest managers of CBD office properties in Australia, with an $8.2 billion office portfolio, has sold Avaya House at 123 Epping Road, Macquarie Park and 5 Queens Road, Melbourne. 

Avaya House, according to Macquarie Park Cityscope, is an A-grade, 10-storey commercial and industrial building with three levels of basement parking for 534 cars. With a building area of 16,161 sqm, the tower has a 5-star NABERS rating. Its major tenants include Avaya Australia, Amgen, Hitachi Australia and Biogen Australia. The building sold to partners B1 Group and Shimao for $118 million on a yield of 6.1%, having previously traded at just over $59 million in 2001. The B1 Group is a property development company specialising in residential, retail and commercial mixed-use developments. China based, Shimao, also a real estate development company, was founded by current Chairman of Shimao Property, Hui Wing Mao. 

5 Queens Road, Melbourne has been sold for $116.6 million on a yield of 5.6%. It last traded at $54.4 million in 1999. St Kilda Road Cityscope describes it as an 11-storey hexagonal glass and granite office building with basement parking for 323 cars. Over 17,720 sqm, its tenants include Beca AMEC Ltd, Unico and PPD Australia. The purchaser was Singapore based developer, Tong Eng Group, founded by the two Teo brothers after the Second World War and still run today by their descendants.

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