This article is from the Australian Property Journal archive
IT has taken five months into 2024 for a major transaction to break the drought in Melbourne, with a 760-bay car park changing hands in the largest single CBD transaction so far in 2024.
The 8-level commercial carpark at 28 La Trobe Street, located within the East-End of the CBD, is occupied by Secure Parking.
Nick Peden with Josh Rutman and MingXuan Li from JLL Capital Markets managed the sale of on behalf of AL Restructuring to an interstate-based private investor.
Receivers were appointed to sell the asset, along with several some of Michael Vidale’s property companies, including the then owner of the carpark, Redevco.
The price of the sale is undisclosed and a spokesperson from JLL did not return calls from Australian Property Journal, but Peden said the transaction represents only the fifth deal within the Melbourne CBD above $2.5 million this year and again demonstrates the scarcity of opportunities to purchase.
The property last sold in 2021 for $21.75 million, having been transacted in 2014 for $17.5 million on 2.78% yield.
“The sale of 28 La Trobe Street, Melbourne represents only the fourth multi-level Melbourne CBD car park sale in the past seven years, highlighting the scarcity of opportunities to purchase in this asset class,” said Peden.
The new owner plans to hold the asset-long term.
“It is in an interesting location near the offices, theatres and the Exhibition Buildings and is a short walk to Lygon Street in Carlton,” said Rutman.
“The car park has been successful over the years, offering mainly casual parking with some longer term arrangements.”
The building offers three access points from Exhibition, MacKenzie and La Trobe Streets and is adjacent to the Mantra Hotel, the new Shangri La Hotel and sits at the back of 333 Exhibition Street.
Recently, the CBD saw six-level a car park site at 380 Queen Street listed for sale by its Singaporean owners with expectations of around $120 million.
While in Melbourne’s inner suburb of Abbotsford, fund manager Forza Capital offloaded a four-level car park site on the Yarra River for $14.6 million.
