Marprop in St Kilda Rd Buy
Melbourne Fund Manager Bayley Stuart has decided to sell 541 St Kilda Rd for $65m, two years after paying just $48m for the asset. The property is fully leased to Seek to 2021 with no options.
Marprop who has recently expanded ties with German-based funds manager GLL Real Estate Partners will acquire the 8,247sqm building on a yield of circa 5.0%. The purchase price represents a capital value of $7,882 /sqm.
This acquisition follows the purchase in April by Abacus of 464 ST Kilda Rd on a similar yield of 5.1% and a cap value of $6,871/sqm and the sale of 10 Queens Rd in June for $6,897/sqm, also on a 5% yield.
The property was being marketed by JLL and CBRE.