This article is from the Australian Property Journal archive
GERMAN giant Deka Immobilien has secured cashed up legal training centre, the Leo Cussen Institute, to 15 William St in Melbourne’s CBD.
The Leo Cussen Centre for Law has been on the lookout for a new home after it sold its home, Melbourne House at 360 Little Bourke St, to Singapore’s Roxy-Pacific in December last year.
Leo Cussen pocketed $33 million from the sale, which it bought during the 1992 recession to occupy, for a bargain price of $3.8 million – significantly below the previous sale price of $10.5 million in 1988.
Roxy-Pacific bought the property with a short-term lease to Leo Cussen to allow the vendor to find new office space.
It has emerged that Deka Immobilien has signed the legal training centre to a new long-term lease for around 4,200 sqm of space.
The lease term and rental was undisclosed.
Although floor space is currently advertised, ranging from $470 per sqm to $500 per sqm net plus GST.
The current estimated outgoing is $164.86 per sqm plus GST as at September 30 2018.
The leasing agents at 15 William St are JLL’s Stuart Colquhoun and Ashley Buller along with CBRE’s Will Dungey and Patrick Mount.
The latest lease to Leo Cussen means around 9,000 sqm of space remains available for lease. The building’s naming rights and anchor tenant, Pitcher Partners vacated around 8,000 sqm of space recently, relocating to 664 Collins St.
The German fund manager bought the 42,000 sqm 20-storey building in 2009 from AMP Capital for $167 million on a 8.75% yield.
Australian Property Journal
