Weekly Transaction Update - 8th February 2019
This week we recorded 13 major transactions worth $264M
520 Collins Street sold for $78m
Former Estia boss, Peter Arvanitis, has sold 520 Collin Street for $78M having acquired the asset in 2014 for $50M.
The 17 level, 8,554sqm office building with ground floor retail and secure car parking building is well positioned on Collins St, directly opposite the Rialto and Intercontinental hotel and has attracted a range of quality commercial tenants.
The purchaser, an Indonesian-born investor based in Western Australia acquired the building on a sharp yield of just 4.5%.
Since September, four assets along the famous strip have traded, including the $140 million sale the Fragrance group of 555 Collins Street after struggling to make it work as a residential development. The much larger 595 Collins Street also recently sold on a 5% yield.
The sale of 520 Collins Street was brokered by Colliers" Matt Stagg and Oliver Hay.
Raptis Group sell Inala Plaza
The Raptis Group have sold Inala Plaza this week to Chin Hong Investment Corporation for $56M on a reported yield of 6.5% to 7%.
The 16,500sqm Centre which now houses a Woolworths, Aldi and 73 specialty stores was acquired by the Raptis Group in 2013 for just $32.35M with passing yield of 11.5%.
At that time, Coles had recently advised that they intended to vacate the centre and the then vendor, 360 Capital Group held the asset in a closed ended vehicle with no prospects of extending the term of the trust to replace the Coles anchor. The Raptis Group stepped in, acquired the site and replaced Coles with Aldi and two specialty stores.
The latest transaction was brokered by CBRE's Joe Tynan and Michael Hedger.
Review our other transaction data at ReSourceData.
* indicates unconfirmed price or apportionment of a portfolio sale