The acquisition of 2 suburban office assets this weeks shows some evidence of life in the property markets.
Collective Capital have acquired 454 Nepean Highway Frankston for $20m. The 6,254 square metre building is occupied by government and retail tenants generating a net passing income of approx $1.24 million and a passing yield of 6.2%. The building has 22% vacancy and could yield up to 8% if fully leased.
Collective Capital is a property syndicator with assets in Peel Street, Collingwood, Waverley Rd, Mount Waverley and Bunda Street, Cairns.
CBRE brokered the deal with Collective Capital.
Meanwhile, Luxcon has acquired a B Grade office building at 372-380 Albert Street East Melbourne from Run Property founder Nathan Cher.
Luxcon intend to redevelop the property into residential apartments, wasting no time promoting the proposed redevelopment as "The Address". The project is proposed to include 24 oversized two and three bedroom apartments with views over Fitzroy Gardens and/or the Melbourne CBD.
Luxcon was established in 2008 by Ilya Melnikoff, the great nephew of Harry Triguboff. The Groups' aim is to create upmarket residences in Australia's finest locations. The Groups' first project “Residenza al Mare” in Neutral Bay Sydney involved the redevelopment of existing vacant building site into 14 apartments with harbour and city skyline views. The group has also been involved in apartment projects in North Sydney, Kensington, Epping and Rose Bay.
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