CBUS has sold its property in Flinders Street office building to neighbour Nikos Property Group in a $175m deal.
CBus developed the 15-storey building at 50 Flinders Street in 2015 and comprises around 22,000 sqm of NLA. The property is fully leased to People's Choice Credit Union and Santos and has a 6 Star Green Star Office As Built rating and a 5.5 Star NABERS Energy.
The passing yield for the transaction is around 6.5%.
The building sits immediately adjacent to Santos headquarters with bridge connections linking the two buildings and the Santos floors.
Nikos Property Group also own the Santos Headquarters at 60 Flinders Street which it acquired from Lendlease in 2018 for around $100m. As part of a deal for a new lease deal with Santos, Nikos agreed to upgrade the lobby and provide end of trip facilities for its employees.
In late 2016, Nick Andrianakos, the founder of Milemaker Petroleum, sold 46 retail fuel business assets in Victoria to Caltex in a $95 million deal, while retaining all the sites on long-term leases to Caltex. The Nikos Property Group then acquired assets in St Kilda Rd and Finders St. Earlier this year, Nikos Property Group moved north to Brisbane to acquire 18 Lang Place, Milton from MCorp for $85.2m.
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