Melbourne’s First Big Sale for 2017

Melbourne’s First Big Sale for 2017

A private investor has purchased 3 towers at The World Trade Centre in Melbourne for $267.5 million.

Three towers at The World Trade Centre in Melbourne, located at 18-38 Siddeley Street, Docklands, have been sold for $267.5 million. The vendors were Clement Lee of Kew, KKR Harbourview Pty Ltd (ultimately owned by KKR & Co L P of New York) and Abacus Property Group (which listed on the ASX in 2002 and is a stapled entity that combines various companies and trusts).

The WTC, according to Docklands Cityscope, comprises five office towers, one of which fronts Flinders Street and is owned by Austreo Property Ventures Pty Ltd, a NY based Goldman Sachs Group entity. The three towers which sold, Towers 2, 3 and 4, overlook the Yarra River and are on a 13,500 sqm block with a combined net lettable area of over 50,000 sqm. Tower 2 is a 12-storey tower with two showrooms to the foyer; Tower 3 is a 14-storey concrete building with a ground floor showroom; and Tower 4 is a 15-storey office tower with a one and two-storey extension towards the river. All are linked by a three-level concourse of shops, showrooms and office suites.

The purchaser was reported as being a local private investor backed by funding from Asia. The deal was struck on a yield of approximately 7%. The property last traded at $120.4 million in August 2014 and that sale represented an initial yield of 9.30% on passing income of $11,197,200.


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CoreLogic Australia is a wholly owned subsidiary of CoreLogic (NYSE: CLGX), which is the largest property data and analytics company in the world. CoreLogic provides property information, analytics and services across Australia, New Zealand and Asia, and recently expanded its service offering through the purchase of project activity and building cost information provider Cordell. With Australia’s most comprehensive property databases, the company’s combined data offering is derived from public, contributory and proprietary sources and includes over 4.4 billion decision points spanning over three decades of collection, providing detailed coverage of property and other encumbrances such as tenancy, location, hazard risk and related performance information.

With over 20,000 customers and 150,000 end users, CoreLogic is the leading provider of property data, analytics and related services to consumers, investors, real estate, mortgage, finance, banking, building services, insurance, developers, wealth management and government. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and geo spatial services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. CoreLogic employs over 650 people across Australia and in New Zealand. For more information call 1300 734 318 or visit www.corelogic.com.au.

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