This article is from the Australian Property Journal archive
WINGSPRING, a subsidiary of Singaporean property developer Wing Tai Holdings has acquired 464 St Kilda Rd for $95.38 million.
Australian Property Journal reported earlier this month that Abacus Property Group acquired 464 St Kilda Rd from the Victorian Automobile Chamber of Commerce (VACC) for $95.38 million.
It has now emerged that Abacus has teamed up with Wingspring to buy the asset.
The acquisition will boost Wing Tai’s presence in Australia and takes its portfolio to four assets in New South Wales and Victoria.
The group made a foray into Australia in September 2016 with the acquisition of 376-388 Flinders St.
It followed that purchase by buying two data centres in May last year – 28 Thornton Crescent Mitcham in Melbourne’s east and 12 Brookhollow Avenue Baulkham Hills in Sydney’s north west.
464 St Kilda Rd is a fully leased building comprising 13,827 sqm of space over eight levels, and has a weight average lease expiry of 2.4 years and it is occupied by the vendor VACC, returning a passing income $4.9 million per annum net.
In addition, there is car parking for 299 vehicles set on a 4,645 sqm site.
This is the first time the property has changed hands in 60 years. VACC bought the property in 1956 for 35,000 pounds.
Salta Properties and billionaire Lindsay Fox’s Linfox were reportedly in hunt the for the building at the later stages of bidding.
The sale was handled by JLL’s Paul Kempton and Langton McHarg and Colliers’ Peter Bremner and Trent Hobart.
Australian Property Journal
