This article is from the Australian Property Journal archive
OWNERS of adjacent properties banding together to achieve a premium sale price continues to creep further into the commercial property market.
ASX-listed Blue Sky’s $19.6 million purchase of a North Melbourne property is the latest example, which saw three independent vendors offered their respective 3-5 Bedford Place, 245-249 Peel Street and 1 Flemington Road sites in one line.
The student accommodation developer took the opportunity to expand its Melbourne presence in the growing sector by picking up the 1,250sqm Capital City 1-zoned site, which has a design and development overlay of 60 metres, in a transaction negotiated by Vinci Carbone Director Frank Vinci.
Two of the sites adjoin each other, whilst the third is separated by a laneway. They are located on the Haymarket Junction at the top of end of Elizabeth Street, opposite the new Peter Mac Hospital and metres from Melbourne University.
Blue Sky launched a $1.5 billion student accommodation joint venture with global investment giant Goldman Sachs earlier this year, targeting a portfolio of 5,000 and 10,000 beds across Australia and New Zealand.
Shortly afterwards it proposed the 47-level, 793-bed Blue Sky Melbourne tower at 42-50 La Trobe Street in the CBD that it purchased for $22 million in the middle of last year.
In recent weeks, 11 strata owners across the whole of the 50 Franklin Street in Melbourne’s CBD sold the 18-level, ex-Qantas headquarters office tower for $51.5 million to Singapore’s Lian Beng.
Australian Property Journal
