Malaysian investors snap up Chinatown mainstay
Shark Fin House in Melbourne CBD’s Little Bourke Street has sold to Malaysia-based MKS Empire for $14.5 million.
The 928sqm four-storey building, at 131-135 Little Bourke Street, is on a 288sqm site in the city’s Chinatown precinct and sold with a new 10-year lease to Shark Fin Group at a 3.6% yield.
Shark Fin House has traded from the building since 1989. Shark Fin Group operates four restaurants and specialises in Cantonese cuisine.
Exhibition Street building sells for first time in 50 years
Hodgson Partners has acquired the six-level office building at 45 Exhibition Street in the CBD for a figure reported to be more than $20 million.
Zoned Capital City 1, the building has a net lettable area of 1,567sqm and occupies a 344sqm site in the east end of the CBD. It is next to the 23-level 41X tower, built in 2014 for the Australian Institute of Architects, and Pasino House.
45 Exhibition Street was sold by the Kranz family, which purchased the building in 1969 for $78,000.
Eastern suburb office market remains active
Investor Wei Zhou has reportedly purchased the three-level office building at 19-23 Prospect Street, centrally located in booming Box Hill, for around $22 million.
On a 1,999sqm site, the 4,303sqm building returns $1.37 million from eight tenants and traded at a 6.2% yield.
Two Prospect Street sites are currently subject to residential skyscraper proposals, including respective 194-apartment towers at 9-11 and 31-35 Prospect Street, and the building is also close to developments by Golden Age Group on Station Street, and a string of nearby sites on Whitehorse Road also slated for sizeable projects.
Also throughout Melbourne’s eastern suburbs, China-backed Poly Holding has just acquired two three-storey Burwood Highway office buildings in Forest Hill, on a 2.62ha block opposite Tally Ho Business Park, for $45.85 million. It is next to the Hewlett Packard office campus on a 5.68ha site that Poly purchased last year for $88 million.
In Kew, Fitzroys’ Paul Burns recently sold the three-level 3,361sqm Kew building at 79-83 High Street for $19 million, in conjunction with Kelly & Kelly.
Disclosure:Fitzroys Property Wrapis for information only on transactions in the Melbourne property market. Fitzroys provides this information as a public service. We are not purporting that all sales and leases within this report were transacted by Fitzroys. Terms/Privacy © Copyright 2019 Fitzroys.