This article is from the Australian Property Journal archive
James Fielding Funds Management has sold the Wool House in Melbourne to Investa for $26.6 million.
Investa has bought the property a 7.7% yield.
The property is currently held by Wool House Direct and Wool House Investment Trust.
The property is located at 369 Royal Parade in Parkville, approximately three kilometres from the Melbourne CBD.
The 8,750 sqm tower was acquired by the trusts in 1998 for $15.2 million. The sale price reflects a 25% increase over the current book value at June 30, 2006.
The sale follows a unitholders approval to wind up of the trusts in June 2006.
Joint chief executive of funds management Grant Hodgetts said the sale campaign received strong interest and the sale price reflects the strong appetite for investment properties in the Melbourne fringe market.
“The sale is consistent with JFFM’s active asset management style of maximising value to unitholders including early termination of funds and exits from investments in the right circumstances,” he added.
By Adam Parsons
