This article is from the Australian Property Journal archive
NEWLY established Chinese company Sunnyland Investment Group has paid $40 million for Clemenger BBDO House on St Kilda Road.
The property was sold by ISPT which bought it for $29.6 million in October 2006.
SIG is based in China and established itself in Melbourne this year. The company said it has interests in property development, investment, engineering and technologies, pharmaceutical, and finance.
In Melbourne, the company said it has been in cooperation with local developers to develop projects in the Docklands, the CBD and the Eastern suburbs.
The property at 472-474 St Kilda Road is the head office of advertising firm Clemenger BBDO, which is due to move out in July 2015.
The property includes a five storey building comprising 4,564 sqm with 574 car spaces.
SIG has plans to demolish the building.
The sale is the second major transaction on St Kilda Road in the past week.
Last week, Aspen Group sold the L’Oreal office building at 564 St Kilda Road for $33.3 million.
Australian Property Journal
