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Uniting Church BPM sell 130 Little Collins St for c. $40m

Property Markets / Transactions

Australia

Jul 03 2019

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The Uniting Church Synod of Victoria and Tasmania and partner BPM, have successfully transacted 130 Little Collins Street to a locally based investor.  Jeff Xu’s Golden Age has reportedly paid in excess of $40m for the site.

According to marketing agents, CBRE’s Mark Wizel, Julian White, Lewis Tong and Nathan Mufale, along with Colliers International’s Daniel Wolman, Guy Wells and Oliver Hay, the property was sold on an unconditional basis following the close of the international Expressions of Interest campaign.

Mr Wizel said the highly competitive second round EOI process drew bids from local and international private investors, developers and institutions totaling more than $600 million.

``The volume of offers in this campaign from a wide variety of investors and developers demonstrated the depth of capital seeking high quality offerings in the Melbourne CBD,’’ Mr Wizel said.

Mr Wolman said, while the property had the benefit of a high quality permit for a hotel development, the substantial existing improvements were the major market attraction.

``The result reflected the very strong demand for office investments in the nation’s tightest CBD office market,’’ Mr Wolman 

The existing building, comprising eight levels of office and ground floor retail, covers 3711 square metres, while the 605 square metre site has corner exposure to Little Collins Street (16m) and Coromandel Place (37m).

Completed in 1967 and refurbished in 1995, the building’s current configuration includes an auditorium, a variety of meeting rooms, a chapel, offices and a basement car park. In addition, the site has a permit for a 27 story Elenberg Fraser designed hotel.  The property was sold with a leaseback, comprising a peppercorn rental, to the Uniting Church.

The sale follows a number of transactions completed in the East End of the Melbourne CBD in 2019 including:

 

Property Address 

 

Price  

Date 

Yield 

85 Spring Street 

$112.25m

Apr 19 

VP

26 Corrs Lane

$6.85m

Jun 19

3.29%

37 Collins Street

$5.85m

Jun 19

2.20%

39-41 Collins Street

$16.5m

Jun 19

1.11%

45 Exhibition Street

$27.5m

Apr 19

1.70%

SOURCE:

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