Weekly Transaction Update - 9th February
The $95M acquisition by the Victoria Government of 77 Southbank Boulevard topped the list this week with only 7 other sales bring the total for the week to around $275M.
The Southbank property would be one of the first moves by Development Victoria, a new organisation that combines the expertise and capabilities of Places Victoria and Major Projects Victoria. Presumably, the purchase signals an intention by the Government to rezone the site providing new development opportunities in the precinct.
Also this week the sale of 606 St Kilda Rd at a yield of 5.5% continues the strong interest in the Commercial strip. Local group Bayley Stuart Capital acquired this building in early 2016 for $40M and has now sold it to Ginkgo Investments, a high quality glass manufacturer based in Shenzhen, China for $57.5M. For the 2 year hold, Bayley Stuart received an impressive 20%+ pa capital growth.
A Scroll through the list below or head to RE-Intel for further details.
* indicates unconfirmed price