The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
LESS THAN 30 DAYS UNTIL OUR FLAGSHIP CONFERENCE 29-31 JULY, GOLD COAST
4 WEEKS UNTIL OUR FLAGSHIP CONFERENCE 29-31 JULY, GOLD COAST
SECURE YOUR SPOTDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
20
print
Print
ResidentialFri 02 Aug 19

St Kilda Assets Attract Offshore Buyers

082109a8-1b3a-40aa-afed-3f764c33c029

Melbourne developer Woodlink has offloaded its six-level, Illoura House, at 424-426 St Kilda Road for more than $70 million.

The property, which sits on a 4645sq m site with three street frontages, transacted with an approved permit for an 18 level mixed-use building – nearly three times the current height – with 163 apartments and 176 hotel rooms.

The developer initially had plans for a $360 million Bates Smart-designed residential development for the site.

Illoura House currently comprises a net lettable area of 12,659sq m over six levels along with basement parking for 144 cars.

CBRE's Mark Wizel, Lewis Tong and Josh Rutman brokered the deal, said the asset was snapped up by an offshore buyer with plans for the property to be refurbished and re-leased.

▲ CBRE agents said 424-426 St Kilda Road sold to an offshore Asian group.


Tong said more than $1.2 billion has been transacted along Melbourne’s well-known St Kilda Road by offshore buyers in the past two-and-a-half years.

The most recent sale set a new benchmark for the precinct, which saw developer John Beville almost double his money in four years on the nine-level office tower at 509 St Kilda Road.

The transaction involved private Chinese investor Michael Xie who outlaid $163 million for the office tower on a fully leased yield of 4.96 per cent.

“This is just one recent sale which highlighted the very strong demand for St Kilda Road property particularly from Asian investors,” Tong said.

In April, Vantage Property Investments on-sold nearby asset 420 St Kilda Road to Mars Holdings for $95 million on a yield of 4.84 per cent. Marprop snapped up 541 St Kilda Road for $64 million from vendor Bayley Stuart on a 5.13 per cent yield in December last year.

ResidentialOfficeHotelAustraliaMelbourneReal EstateDeal
ADVERTISEMENT
TOP STORIES
Exclusive

Tapping the Bunnings ‘Halo Effect’

Taryn Paris
5 Min
Exclusive

‘Construction Not a Scale Game’: Hutchinson

Phil Bartsch
9 Min
Nation's build-to-rent project Charlie Parker in Sydney's Parramatta where more projects are being located and built outside the CBD.
Exclusive

Foreign Capital Still Dominates BtR but Things are Changing

Marisa Wikramanayake
7 Min
Exclusive

Fortis Reveals Plans for Coveted Bowen Terrace Site

Taryn Paris
4 Min
Exclusive

Accor Deputy Delivers Verdict on Brisbane Games Hotel Shortfall

Phil Bartsch
6 Min
View All >
Wynnum Masterplan hero
Development

Masterplan Revealed for Brisbane Bayside Super-Site

Phil Bartsch
The City of Melbourne has opted to keep Greenline in the 2025-26 Budget.
Policy

Melbourne Budget Puts Paid to Greenline Future Fears

Marisa Wikramanayake
Residential

Consolidated Reveals Next Riverfront Play in $64m Deal

Leon Della Bosca AND Taryn Paris
Don O’Rorke has put his foot on “the last absolute riverfront site” and will reveal his plans before year’s end...
LATEST
Wynnum Masterplan hero
Development

Masterplan Revealed for Brisbane Bayside Super-Site

Phil Bartsch
4 Min
The City of Melbourne has opted to keep Greenline in the 2025-26 Budget.
Policy

Melbourne Budget Puts Paid to Greenline Future Fears

Marisa Wikramanayake
4 Min
Residential

Consolidated Reveals Next Riverfront Play in $64m Deal

Leon Della Bosca AND Taryn Paris
3 Min
Deicorp Five Dock Mixed-Use Precinct
Residential

Deicorp’s $1.8bn Inner-West Sydney Precinct Greenlit

Vanessa Croll
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/st-kilda-assets-attract-off-shore-buyers-