An RMIT University building has sold for more than $75 million.
An RMIT University anchored building at 438 Elizabeth Street, Melbourne has just been sold for more than $75 million. The sale was arranged by Daniel Wolman and Matthew Stagg of Colliers International Melbourne and Michael Ludski of Teska Carson.
The vendor was Selected Growth Property Trust, an unlisted property trust associated with Melbourne businessmen, Ron Lazarovits and Max Fremder.
The purchaser, currently undisclosed, has been reported as being a Chinese investor. While the new owner’s plans are also unknown, the building has towering residential apartment buildings to its left, right and rear, two of which are under construction and one which was completed in 2014.
The property, according to Melbourne Cityscope, is an 11-storey office building with five retail showrooms and parking for over a hundred cars, which was completed in 1990 and lay vacant until 1995. The building has a net lettable area of over 13,000 sqm, a 4-star NABERS rating and its major tenants include RMIT University, Australian Government VVCS and Reeds Consulting. It currently returns an income of $4.5m per annum.
438 Elizabeth Street last traded at $28 million in 2005.