This article is from the Australian Property Journal archive
ABACUS Property Group is believed to have acquired the eight-level VACC House office building at 464 St Kilda Road on Melbourne’s city fringe for around $95 million.
The fully leased building on of 13,827 sqm has a weight average lease expiry of 2.4 years and occupied by the vendor, Victorian Automobile Chamber of Commerce, returning a passing income $4.9 million per annum net.
Salta Properties and Lindsay Fox’s Linfox were reportedly in hunt the for the building at the later stages of bidding.
Abacus paid $93.5 million earlier this year for an Abbotsford office building in Melbourne’s inner north-east. The vendor of the Melbourne offices of Computershare was Chinese developer LYZ Property Group, which had paid the auspicious sum of $88,888,888 just 18 months earlier, and appeared to have made a loss on the property.
Around the same time, Bayley Stuart flipped its recently refurbished 10-level, 8,647 sqm 606 St Kilda Road office building, turning a $17.5 million profit in just two years.
Australian Property Journal
