This article is from the Australian Property Journal archive
A LOCAL private investor has bought a large car park in Melbourne's CBD from LaSalle Investment Management for $17.5 million on tight 2.78% yield.
Savills’ Clinton Baxter and Nick Peden negotiated the sale of 20-28 La Trobe St.
The price exceeded the agent’s original expectations of $15 million.
The eight-storey facility comprises 706 bays and occupies a 2,500 sqm land area. The property was sold with a short-term lease to Secure Parking expiring 31 December 2014, with no options remaining.
The car park last changed hands in October 2006, when the Trinity Property Trust bought it from OFM Group for $24 million.
In July 2011, LaSalle bought Trinity Funds Management for $9.25 million, which included the management rights to the TPT, which was renamed it the LaSalle Australia Core Plus Fund.
Australian Property Journal
