This article is from the Australian Property Journal archive
ISPT has completed the acquisition of 206 Bourke St in Melbourne from Singapore’s Hiap Hoe for $118.3 million excluding GST.
General manager for retail services Sam Curry said the acquisition of 206 Bourke St complements ISPT’s existing Melbourne CBD retail holdings of Melbourne’s GPO, The Strand Melbourne and Midtown.
“206 Bourke St has great potential with its large land holding fronting Bourke and Little Bourke streets,” he added.
Occupying a large 3,000 sqm land area, the five-level complex comprises 12,500 sqm of space including 9,582 sqm of retail and 2,340 sqm of office. There is a planning permit to build a 142-room hotel. The centre will be home of Michelin Star dim sum restaurant, Tim Ho Wan.
ISPT entered into due diligence late last year to acquire the property from Singapore’s Hiap Hoe, which bought the asset from Les Smith’s LAS investments in September 2013 for $105 million.
Smith acquired the property for only $32.75 million from Cromwell in 2007, which paid $31.9 million to Challenger Financial Services in 2004.
Savills’ Clinton Baxter and Paul Craig, and CBRE’s Josh Rutman, Kiran Pilai & Justin Dowers were the joint agents.
Australian Property Journal
