One of St Kilda Road’s largest office buildings changes hands
Abacus Property Group and Wing Tai Holdings Limited, through their respective subsidiary company, acquired 464 St Kilda Road, Melbourne for $95.38million.
The sale was facilitated by Colliers International’s John Marasco, Peter Bremner and Trent Hobart, in conjunction with JLL’s Langton McHarg, Leigh Melbourne, Paul Kempton and Nick Rathgeber.
The vendor, the Victorian Automobile Chamber of Commerce, was represented by Michael Jackson of Corporate Real Estate Advisory.
Included in the sale is an eight-level, 13,827sqm building known as VACC House, on a 4,645sqm double block along with a strata car park at 23 Queens Road. The offering includes 170 on-site car parks plus a further 107 spaces in the rear car park on Queens Road.
The VACC, which currently occupies around a third of the building, will undertake a leaseback over their space as part of the sale process.
“The unique scale of the property, combined with an unprecedented level of domestic and international investor interest in the St Kilda Road market, resulted in strong competition throughout the campaign,” Mr Bremner said.
“Abacus and Wing Tai were drawn to the strong property fundamentals – including its prime location, excellent natural light and views, a good car parking ratio and high ceilings – which will make it attractive to prospective future tenants.”
Mr McHarg said the property presented a special opportunity to acquire a high quality office investment which would provide significant long term growth prospects.
“In addition, the new Metro Train Station is a ‘game changer’ for the immediate area and once complete will provide additional tenant amenity and growth prospects for 464 St Kilda Road,” he said.