After 60 years, legacy property in Melbourne CBD sells for $95m
Written on the 18 April 2018 by Paris Faint
One of the largest office buildings on St Kilda Road in Melbourne has changed hands for the first time in six decades.
A subsidiary of Abacus Property Group and Wing Tai Holdings bought the property known as VACC House, an eight-level building at 464 St Kilda Road, for $95.38 million.
The building includes more than 13,800sqm of office space on a 4,600sqm block.
According to Colliers International's Peter Bremner, the sale of VACC House was heavily contested considering its position in the heart of such a tightly held and sought-after market.
"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," said Bremner.
"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."
The sale was facilitated by Bremner alongside other Colliers team members John Marasco and Trent Hobart in conjunction with JLL's Langton McHarg, Leigh Melbourne, Paul Kempton and Nick Rathgeber.
McHarg said VACC House represented an opportunity to buy a quality office investment with significant long-term growth prospects, given its proximity to the new Metro Train Station.
"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.Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.
Author: Paris Faint