A flexible workspace building at 454 Collins Street, Melbourne has sold for $40.1 million.
CBRE Melbourne put the building on the market with expressions of interest closing April 6th, 2018 and subject to a 10-year leaseback to the tenant, Christie Spaces. The vendor, Christie Corporate, is owned by Robert Christie of Bellevue Hill (NSW) and Paul Marshall of Burbank (Qld). The purchaser is reported as being a Macau-based investor.
According to Melbourne Cityscope, 454 Collins Street is an 11-storey office building with a ground-floor showroom and basement. It was built in 1960 and has a building area of 2,445 sqm which is fully leased to Christie Spaces.
The property last traded at $17.8 million in December 2007. This sale, at $40.1 million, represented an initial yield of 4.24% on passing income of $1,700,240.