Aspial buys city tower for $41.5m

Listed Singaporean group Aspial Corporation has paid $41.5 million to buy the West Melbourne office complex formerly occupied by the National Australia Bank.

It's the latest in a string of office towers to be snapped up by offshore purchasers in a trend underpinning the CBD investment sales market.

The 10-level building at 383 King Street was sold by MWM Australia, which is owned by property investors Markus and Hans Henkell and the Siebel family. MWM bought it for $34 million from Trinity Funds Management in 2010. Trinity paid $41.2 million four years earlier.

NAB leased the 13,135 sq m building for 22 years before relocating staff to its Bourke Street and Docklands facilities. The property is now vacant. The sale was negotiated by Clinton Baxter and Nick Peden of Savills. "The property attracted widespread interest from local and offshore groups for a full range of purposes including investment, owner-occupation, conversion and redevelopment," Mr Baxter said.

Aspial is reportedly considering redeveloping the 2206 sq m site.

Aspial began as a single-store jeweller in 1970 but has grown into a major retailer, financial services business and property group.

cvedelago@fairfaxmedia.com.au

Twitter: @chrisvedelago