Lendlease has acquired an adjoining La Trobe Street office tower in Melbourne for $203m positioning themselves for a future development play.
The group purchased the building at 469 La Trobe St from AMP Capital on behalf of private client Swiss Re.
Lendlease’s Australian Prime Property Fund owns the adjoining tower at 485 LaTrobe Street giving the real estate group a circa 5,700sqm development site in Melbourne’s legal quarter opposite Flagstaff Gardens.
SwissRe acquired the site in 2017 from Trust Capital Advisors for $160.5m, reflecting a 5.5% cap rate.
The building offers 17 levels of commercial office accommodation totalling 19,860sqm of NLA and two levels of car parking. Major refurbishment and capital works were undertaken including the introduction of a new end-of-trip facility and an upgraded ground floor lobby. Key tenants in the building include Russell Kennedy Lawyers, DST Bluedoor and Downer EDI Engineering.
AMP Capital appointed JLL’s and CBRE’s to run the sales process.
The sale brings an end to SwissRE exit of their Australian portfolio, with the sale of $783m of assets to Lendlease and EG Funds Management. The assets include;
- 1 Eucalyptus Pl Eastern Creek NSW sold to LendLease for $ 130.1m
- 32 Walker Street North Sydney NSW sold to EG Funds Management for approx $ 109.1m
- 50 Carrington Street Sydney NSW sold to EG Funds Management for approx $ 148.7m
- 60 Carrington Street Sydney NSW sold to EG Funds Management for approx $ 192.2m
- 469 LaTrobe Street Melbourne VIC sold to Lendlease for $ 203.0m
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