Mirvac sells 50 per cent interest in Collins Street office development

Colliers International recently managed the sale of Mirvac Group’s stake in its Olderfleet office building at 477 Collins Street, Melbourne, to Suntec for $414million, based on a capitalisation rate of 4.8 per cent for the completed development.

Suntec will fund 50 per cent of the development costs via a fund-through agreement throughout the construction period, while Mirvac will provide development management and ongoing property and investment management services for the asset.  Mirvac will also provide a five-year rental guarantee on any unlet office space from the date of practical completion.

Capital Markets 477 Collins Street Colliers International office investment commercial property sales

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