One of the best located office buildings on St Kilda Road has been sold to a Hong Kong conglomerate for $42 million.
The Sydney Morning Herald reports the eight-story building at 324 St Kilda Road has been sold to Glorious Sun — who previously bought the Jeanswest business — by West Australian fund managers Lester Group.
The building is fully leased to five tenants: Wesfarmers, Veolia Environmental Services, Silver Chef Group, Crawford & Company and SMART Group.
The 1,163 square metre mixed-use zoned site has rear laneway access and is close to the corner of Dorcas Street.
Following a major refurbishment in 2012, 324 St Kilda Road offers modern office accommodation in a standout building with extensive car parking, impressive end of trip facilities, excellent natural light and stunning views over the Royal Botanic Gardens and Shrine of Remembrance.
The sale was jointly managed by JLL and Colliers International.
At the time of listing, Colliers’ Leigh Melbourne said, “324 St Kilda Road occupies a high profile location at the sought-after northern end of St Kilda Road and is arguably one of the best located office buildings within the precinct, being one of very few buildings within walking distance of the CBD.”
Nearby, the Myer family has recently listed their 312 St Kilda Road office building after more than a decade of ownership amongst other significant activity in the area.
[Related reading: Rockworth Makes $98 Million St Kilda Road Precinct Acquisition; LU Simon Boss Submits Proposal For 14-Storey St Kilda Road Development; St Kilda Road Building Sells For $68 Million Amid Strong Investor Appetite]