Docklands Office Tower Sold For $114.5 Million

A Docklands office tower at 990 La Trobe Street has been sold for $114.5 million. 

The building was originally part of the SA Motor Accident Commission portfolio which comprised seven commercial properties and four industrial properties throughout five states and which generated an income of over $50 million a year.

Blackstone, one of the world’s leading investment and private equity firms with over $370 billion worth of assets under management, purchased the portfolio for a reported $500 million and has on-sold the Docklands property to Charter Hall, an Australian property group with an asset base of $19 billion under management.

According to Docklands Cityscope, 990 La Trobe Street is a seven-level building with basement parking with a net lettable area of 12,947 sqm. The building was completed at an estimated cost of $85m in 2012, has a 5.5 star NABERS rating and is leased to Melbourne Water, plus two retail tenants on the ground floor.

The building lasted traded at $76.4 million in 2011.