IN BRIEF

CITY The 400 square-metre level 10 at 271 William Street, the 14-level building on the north-west corner of William and Little Lonsdale streets, has sold for $1,290,000. Kliger Wood agent Grant McKenzie negotiated the private sale. The privately owned, strata-titled floor has natural light on three sides and a modern fit out in place. It is subject to a short-term lease that continues to February next year with no further option. The current lease is to a subsidiary of the Cardno engineering ...

By InvestSMART · 21 Mar 2012

By InvestSMART ·
21 Mar 2012

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SAILING Property and construction industry professionals will take to the bay this month to raise funds for homeless and disadvantaged children. On March 30, the Property Industry Foundation of Victoria will hold its second annual Melbourne Charity Sailing Challenge to raise funds for Open Family Australia's Wyndham Project. Held at the Royal Brighton Yacht Club, organisers are aiming to raise $80,000 for homeless and disadvantaged youth through the Wyndham Project. The event's principal sponsor is Colliers International. Supporting sponsor is Brookfield Australia and industry partner is the Australian Property Institute. Early registrations include Brookfield Australia, Freehills, Investa, Mirvac, Australand, Colonial First State, Dexus, Lend Lease, Bankwest and CBA. America's Cup skipper John Bertrand will be patron, while Olympic Sailing program manager and Australia II crew member Rob Brown will brief all participating teams before the race. He will also skipper a yacht. Guests will be treated to a vintage French Riviera-themed post-race party.

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Frequently Asked Questions about this Article…

What commercial property was sold at 271 William Street and what was the sale price?

A 400 square-metre, strata-titled level 10 in the 14-level building at 271 William Street (north-west corner of William and Little Lonsdale streets) sold in a private sale for $1,290,000.

Who negotiated the private sale of the office at 271 William Street and who bought it?

The sale was negotiated by Kliger Wood agent Grant McKenzie. The buyer was a group of barristers.

What are the key features of the strata-titled floor at 271 William Street that investors should know?

The strata-titled floor has natural light on three sides, a modern fit-out already in place and includes one car parking space in the building basement.

Who is the current tenant, what rent do they pay, and how long is the lease term?

The current short-term lease is to a subsidiary of the Cardno engineering group, with a net rental payable of $118,456. The lease continues until February next year and has no further option.

How does the short-term lease affect the new owner of the 271 William Street floor?

The buyer inherits the existing short-term tenancy (to a Cardno subsidiary) through to February next year, receiving the stated net rental until that date. After the lease expires there is no further option, so the owner may need to re-let or re-purpose the space once the tenant vacates.

What is the Melbourne Charity Sailing Challenge and which charity will benefit?

The Property Industry Foundation of Victoria will hold its second annual Melbourne Charity Sailing Challenge on March 30 to raise funds for Open Family Australia’s Wyndham Project, which supports homeless and disadvantaged children and youth.

Where will the sailing event be held and what is the fundraising target?

The event will be held at the Royal Brighton Yacht Club, with organisers aiming to raise $80,000 for homeless and disadvantaged youth through the Wyndham Project.

Who are the event sponsors and notable participants in the Melbourne Charity Sailing Challenge?

The event’s principal sponsor is Colliers International, the supporting sponsor is Brookfield Australia and the industry partner is the Australian Property Institute. Early registrations include Brookfield Australia, Freehills, Investa, Mirvac, Australand, Colonial First State, Dexus, Lend Lease, Bankwest and CBA. America’s Cup skipper John Bertrand is patron, and Rob Brown (Olympic Sailing program manager and Australia II crew member) will brief teams and skipper a yacht.