While good fortune certainly smiled on Computershare with their $88,888,888 sale of their Abbotsford headquarters in 2016, the luck has perhaps unravelled for the purchaser, LYZ Property Group. LYZ, a subsidiary of the Chinese developer, Hengmao Group, is known for their residential developments such as the South Yarra Chiara and Lucia apartments. The group has apparently on-sold the building at 452 Johnston Street for $93.5 million, which considering stamp duty and legal and holding costs may have actually resulted in a small loss.
The property was sold to Abacus Property Group, which specialises in investing in Australia's commercial property markets. Abacus was established in 1996 and listed on the ASX in November 2002.
The building was built in 1918 as the headquarters of Yarra Falls Ltd, Australia’s then leading spinning and weaving company. According to East Melbourne Cityscope the 16,000 sqm building was refurbished at a cost of $18 million in 2000. It comprises office and warehouse space and has car parking for 485 vehicles. It is still fully occupied by Computershare.
Before the ‘lucky’ sale of 2016 the building last traded with a neighbouring property, 436 Johnston Street, at $29.5 million in 2003.