This article is from the Australian Property Journal archive
PHILEO Australia has recorded a $14.57 million valuation uplift on its 303 Collins Street building in Melbourne’s CBD, although copped a small loss on its Ramada Encore Dandenong hotel.
The 31-storey city office tower, formerly known as the IOOF Centre, is now valued at $148.6 million. The Malaysian-backed, ASX-listed group acquired the building in 2009 for $56 million.
Last year, it sold a 363-hectare site in Melbourne’s south-west metropolitan boundary to Chinese development giant Country Garden for $400 million, having paid just $14.5 million for what was then a cattle grazing site in 2004.
Its 50-52 McCrae Street property in the south-eastern suburb of Dandenong was taken down by $172,000 to $8.6 million, for a net gain of $14.276 million for the valuations.
Australian Property Journal
