Deague Group Offloads Prime Inner City Car Park


A blue chip inner-city car park investment in Melbourne owned by the Deague Group is said to have sold in an offer worth over $25 million.

The 544-bay car park located in St Kilda Road Towers at 1 Queens Road has been marketed by CBRE and Knight Frank and covers 4377 square metres.

It occupies six-floors of a 16-level office building that used be the TAB headquarters but was converted to strata offices. 1 Queens Road has 600 individual offices and caters for over 2200 office workers each day.

According to The Sydney Morning Herald the Deague family bought the building for $11.8 million in 2001 and pursued the strata office development after considering a mixed-use development for the site overlooking Albert Park.

A multi-level, 447-bay car park across the road is expected to be closed after Wuzhong International announced plans for a 19-level apartment building. This is further expected to add value to the Deague property.

In July, the Deague Group paid nearly $25 million for a 4000 square metre site at 81-109 Moray Street, South Melbourne which has plans designed by architects Rothelowman for a $150 million office development.

The Deague Group in August announced the sale of the management and leasehold rights of its Art Series Hotels to ASX-listed Mantra Group for $52 million.

Show Comments
advertise with us
The Urban Developer is Australia’s largest, most engaged and fastest growing community of property developers and urban development professionals. Connect your business with business and reach out to our partnerships team today.
Article originally posted at: