03-09-2014, 10:33 PM
OCBC buildings sale expected to net $130m
BEN WILMOT AND SARAH DANCLERT THE AUSTRALIAN SEPTEMBER 04, 2014 12:00AM
THREE buildings linked with Singapore’s Overseas-Chinese Banking Corporation — two in Melbourne and one in Sydney — are coming to market and are expected to sell for more than $130 million in total.
The former OCBC House at 565 Bourke Street in Melbourne’s CBD, which comprises a five-storey brick office block built in 1902 and a more modern 16-storey building completed in 1990, is expected to garner about $80m.
Shakespeare Property Group picked up the asset for about $53m in 2011.
CBRE’s Mark Coster, Mark Granter and Mark Wizel are selling the complex. The property is tipped to generate strong interest from local private investors and offshore groups from Europe and Asia.
Mr Coster said the decision to sell followed a significant refurbishment of the building, which had helped retain tenants including Lumo Energy, Civica, Ridley Corporation and Thomson Reuters, as well as state and federal government tenants.
In total, the two buildings cover 15,926sq m of office space above a 65-space, two-level basement car park.
In Sydney, Eastern Holdings has called for submissions to sell a $50m-plus property occupied by Overseas-Chinese Banking Corporation.
The 11-storey building at 73-75 Castlereagh Street has a net lettable area of 7020sq m. Agents are yet to be selected for the sale.
Eastern Holdings bought the building for $16m in 1994. The property was completed eight years earlier on the site of the former Mayfair Theatre.
BEN WILMOT AND SARAH DANCLERT THE AUSTRALIAN SEPTEMBER 04, 2014 12:00AM
THREE buildings linked with Singapore’s Overseas-Chinese Banking Corporation — two in Melbourne and one in Sydney — are coming to market and are expected to sell for more than $130 million in total.
The former OCBC House at 565 Bourke Street in Melbourne’s CBD, which comprises a five-storey brick office block built in 1902 and a more modern 16-storey building completed in 1990, is expected to garner about $80m.
Shakespeare Property Group picked up the asset for about $53m in 2011.
CBRE’s Mark Coster, Mark Granter and Mark Wizel are selling the complex. The property is tipped to generate strong interest from local private investors and offshore groups from Europe and Asia.
Mr Coster said the decision to sell followed a significant refurbishment of the building, which had helped retain tenants including Lumo Energy, Civica, Ridley Corporation and Thomson Reuters, as well as state and federal government tenants.
In total, the two buildings cover 15,926sq m of office space above a 65-space, two-level basement car park.
In Sydney, Eastern Holdings has called for submissions to sell a $50m-plus property occupied by Overseas-Chinese Banking Corporation.
The 11-storey building at 73-75 Castlereagh Street has a net lettable area of 7020sq m. Agents are yet to be selected for the sale.
Eastern Holdings bought the building for $16m in 1994. The property was completed eight years earlier on the site of the former Mayfair Theatre.