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520 Collins Street sold for $78M

February 7, 2019

Former Estia boss, Peter Arvanitis, has sold 520 Collins 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.

 

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