Computershare has sold it's Abbotsford corporate headquarters for a lucky price.
Good fortune has certainly smiled on Computershare with the $88,888,888 sale of its Abbotsford Corporate headquarters at 452 Johnston Street. Computershare, founded in 1978 and listed on the ASX in 1994, provides corporate trust, stock transfer and employee share plan services. It placed the property on the market in April 2016 on a leaseback basis and engaged Mark Wizel, Mark Coster, Tim Grosmann, and Kiran Pillai of CBRE to manage the sale.
With the eight 8s in the purchase price the sale seems designed to also bring good luck to the purchaser, LYZ Property Group. LYZ Property, a subsidiary of the Chinese developer, Hengmao Group, is known for the South Yarra Chiara and Lucia apartment developments. Though primarily a residential development company, the group also makes purchases for long-term investment such as the recent $17 million transaction of a commercial site at 283-285 Burwood Road, Hawthorn, and the Computershare sale, where the vendor has leaseback options until 2029.
The property, built in 1918 as the headquarters of Yarra Falls Ltd, Australia’s then leading spinning and weaving company, was refurbished to the tune of about $18 million in 2000. According to East Melbourne Cityscope, the property sits on a large inner-city site of just over 21,000 sqm, with a 16,000-sqm office and warehouse building and parking for 485 cars. The property has a large frontage to Johnston Street and views of and frontage to the Yarra River.
452 Johnston Street last traded with a neighbouring property, 436 Johnston Street, at $29.5 million in 2003.