Charter Hall also pick up 737 Bourke St

3 May 2019

Charter Hall has acquired a second asset this week with the purchase of 737 Bourke Street Melbourne for $192m. The eight-storey A-grade office building sits opposite Docklands Marvel Stadium and comprises 18,500 sqm of NLA and a 4.5-star NABERS Energy rating. The property is situated next to sits next to Southern Cross Train Station and has on-site cafe and restaurant, an abundance of secure parking and end-of-trip facilities. The property is leased to Lion Natahan, Victorian Building Authority and Opteon Property Group and has a 98 per cent occupancy and a weighted average lease expiry of 5.5 years. Charter Hall’s acquired the asset at a 5% yield and will house the asset in its $4.5 billion Direct Property business. The property was sold by Malaysian public services pension fund Kumpulan Wang Persaraan ­Diperbadan­kan, which has been selling down its Australian holdings. It acquired the asset in 2010 for $113m. The fund, which is advised by Investa Property Group, also sold 20 Bridge Street Sydney in 2017 for $330m and still also holds an office tower in Turbot St, Brisbane, which it bought for $172 million from the Morris Property Group. JLL brokered the Bourke Street deal. Location Plan: #Commercial #CharterHall