Aspial buys city tower for $41.5m
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
Frequently Asked Questions about this Article…
The West Melbourne office complex was purchased by the listed Singaporean group Aspial Corporation for $41.5 million.
Aspial's purchase is part of a trend where offshore purchasers are increasingly investing in CBD office towers, highlighting the attractiveness of the Melbourne property market.
The building at 383 King Street was formerly occupied by the National Australia Bank, which leased it for 22 years before relocating its staff.
The office complex was sold by MWM Australia, a company owned by property investors Markus and Hans Henkell and the Siebel family.
Aspial Corporation is reportedly considering redeveloping the 2206 sq m site of the West Melbourne office complex.
Aspial Corporation began as a single-store jeweller in 1970 and has since grown into a major retailer, financial services business, and property group.
Savills, represented by Clinton Baxter and Nick Peden, negotiated the sale of the Melbourne office complex, attracting interest from both local and offshore groups.
The National Australia Bank vacated the building at 383 King Street to relocate its staff to its Bourke Street and Docklands facilities.
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