Charter Hall also pick up 737 Bourke St
Charter Hall has acquired a second asset this week with the purchase of 737 Bourke Street Melbourne for $192m. The eight-storey A-grade office building sits opposite Docklands Marvel Stadium and comprises 18,500 sqm of NLA and a 4.5-star NABERS Energy rating.
The property is situated next to sits next to Southern Cross Train Station and has on-site cafe and restaurant, an abundance of secure parking and end-of-trip facilities.
The property is leased to Lion Natahan, Victorian Building Authority and Opteon Property Group and has a 98 per cent occupancy and a weighted average lease expiry of 5.5 years.
Charter Hall's acquired the asset at a 5% yield and will house the asset in its $4.5 billion Direct Property business.
The property was sold by Malaysian public services pension fund Kumpulan Wang Persaraan Diperbadankan, which has been selling down its Australian holdings. It acquired the asset in 2010 for $113m. The fund, which is advised by Investa Property Group, also sold 20 Bridge Street Sydney in 2017 for $330m and still also holds an office tower in Turbot St, Brisbane, which it bought for $172 million from the Morris Property Group.
JLL brokered the Bourke Street deal.