Abacus sell out of Development Projects
Abacus announced this week that it has reached agreement for the sale of a portfolio of three residential development projects and an investment property to an offshore property group, at circa $31 million.
The transaction includes:
512 Spencer Street, West Melbourne, VIC - an approved 8 storey 200 apartment development on a 4,246sqm site in a JV with Lechte Corporation and Crema Group
411 Smith Street, Fitzroy, VIC - a renovated two-storey brick complex leased to Kathmandu & Bellroy, with leases through to 2022. The JV with Creme Group and Chapter Group was seeking approval for a mixed-use residential, commercial and retail development spanning the roughly 1,800 square metre site and holding an end value in the $100 million range. The DA was submitted in November 2018 and is yet to be determined.
Hampstead Road, Maidstone, VIC , and
Mina Parade, Alderley, QLD - a 10,310sqm industrial asset leased to Insitu Pacific Pty Ltd with a book value of $10M.
Settlement proceeds will be utilised to reduce debt. This divestment demonstrates delivery of Abacus’ strategic objective of reducing exposure to residential.