This article is from the Australian Property Journal archive
INVESTA Office Fund has settled on the sale of the Royal Mint Centre to Sterling Global.
Sterling Global bought the 383 La Trobe St building in July 2015 for $70.7 million, on a deferred settlement between 12-18 months.
The sale price reflects a 31% premium to book value.
Backed by Qi Qi Li, Zhimin Guo and Liwen Zhao, Sterling Global plans to demolish the existing 12-level 9,679 sqm building and will develop a 70-storey mixed-use project on a 2,845 sqm site.
In November last year, Planning Minister Richard Wynne approved the $700 million project designed by world renowned French architect Jean Nouvel.
The 70-storey hotel and apartment building will comprise 488 one, two and three-bedroom apartments and 196 hotel rooms.
The Australian Federal Police’s lease ends in 30 June 2017.
Australian Property Journal
