Melbourne’s largest property transaction

Stock_Exchange_BuildingThe former Stock Exchange House at 357 Collins Street, Melbourne has been sold in a related party sale for $222.5m. The sale is the largest commercial transaction in Melbourne this year.

Vendor was Frasers Centrepoint, an international real estate company based in Singapore with a portfolio that spans residential, commercial, hospitality and industrial asset classes. Controlled by Thaibaire, Charoen Sirivadhanabhakdi, Frasers was listed in 1988 and is the vendor through its control of the Australand Property Holdings (Collins St No.1). Frasers gained control of the trust after its 2014 $2.6b takeover of Australand. The buyer is Frasers Commercial Trust, a trust that invests primarily in quality income-producing commercial office properties and has assets of almost $2b under management.

According to Melbourne Cityscope, 357 Collins Street is a 23 level office tower, built in 1968 and now merged with an 11-level building to Collins Street, which was completed in 2005 and refurbished in 2009. A further refurbishment of the building to Flinders Lane and the redevelopment with extensions of the existing tower to the Collins Street frontage was completed in mid-2013 and achieved a 5 Star NABERS rating. The building has parking for 40 cars, a total of 31,800sqm of office space and 1,800sqm of retail space. It is now 95% leased with major tenants including the Commonwealth Bank, Omega Global Investors, AXIS and numerous small retail tenants.

The building last traded pre-refurbishment and being tenanted at $45m in March 2010.

 

Meredith Baume
Commercial Research


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CoreLogic RP Data Commercial Cityscope is a web-based service. Access is sold by geographic regions (Cityscope areas). There are 25 geographic regions across Australia (three in New Zealand), clustered around the cities of Sydney, Melbourne, Brisbane, Adelaide, Perth, Canberra and Newcastle. Darwin and Hobart CBD centres aren’t covered. Cityscope Areas in NSW and QLD also include lease expiry data for the most complete commercial coverage available. For more information call 1300 734 318.

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