This article is from the Australian Property Journal archive
MELBOURNE CBD’s high profile 50 Franklin Street office building has been swiftly taken to full occupancy through back-to-back deals to two Victorian government tenants.
Singapore-listed Lian Beng acquired the 18-level, 11,500 sqm building for $51.5 million late last year after it was offered to the market by 11 separate strata owners.
Formerly the headquarters of Australia’s largest airline Qantas, it has been empty since February when ASX-listed Salmat vacated the premises.
Colliers negotiated the 10-year deal to the Department of Justice & Regulation and the Carlton Justice Service Centre at a gross rate of between $500 and $500.
Lian Beng sold off 596 St Kilda Road for $34 million in July alongside KSH Holdings after obtaining a permit for the site for a 19-storey, 170-apartment development.Earlier this year it sold its Newspaper House building at 247 Collins Street in the CBD core for $35 million, having acquired it for $24.95 million just two years earlier.
Australian Property Journal
