Flight Centre received a much needed boost this week with the sale of Flight Centre House at 436 St Kilda Road, Melbourne. In an off-market sale arranged by Fitzroys, the property sold for $62.15 million. The purchaser was Shakespeare Property group, led by founder and director, Yak Yong Quek.
 
According to St Kilda Road Cityscope, Flight Centre House is a 10-level office building with 167 car parks within the basement and to the rear. It has a net lettable are of 7,506 sqm and was completed in 1987. The property has undergone a recent floor by floor refurbishment. Besides Flight Centre, other tenants include Australian Academy of Technology and Engineering, Fatfish Creative and the Football Federation of Victoria. 

The building last traded at $31.3 million in 2008. The most recent sale included a partial leaseback of 75% and at $62.15 million represented an initial yield of 5.41% on passing income of $3,360,000.