$15m office sale in CBD

SELF-MADE millionaire Mario Salvo has paid $15 million for an 11-level office building in a growing pocket of the central business district.

By InvestSMART · 25 Nov 2009

By InvestSMART ·
25 Nov 2009

SELF-MADE millionaire Mario Salvo has paid $15 million for an 11-level office building in a growing pocket of the central business district.

The 128 Exhibition Street office had failed to sell after a public campaign 18 months ago, but was offloaded by AMP Capital Investors, which paid $5 million for the asset in 2000.

The building will be retained as an investment in Salvest Capital, Mr Salvo's newly formed commercial real estate investment company, which is directed by Sydney-based property executives Hamish Bowman and James Maitland.

Mr Salvo (pictured below), a former motor mechanic, is best-known in property circles for directing First Delta Group, which develops major inner-city apartment buildings.

Salvest Capital is a separate entity to FDG, with plans to invest in large capital city office and commercial markets.

Colliers International marketing agent Matt Stagg refused to disclose specific details of the deal, but said the Melbourne CBD was considered the best-placed Australian capital city to benefit from the anticipated recovery of the commercial property market.