Marprop in St Kilda Rd Buy

13 December 2018

Melbourne Fund Manager Bayley Stuart has decided to sell 541 St Kilda Rd for $65m, two years after paying just $48m for the asset. The property is fully leased to Seek to 2021 with no options. Marprop who has ­recently expanded ties with German-based funds manager GLL Real Estate Partners will acquire the 8,247sqm building on a yield of circa 5.0%. The purchase price represents a capital value of $7,882 /sqm. This acquisition follows the purchase in April by Abacus of 464 ST Kilda Rd on a similar yield of 5.1% and a cap value of $6,871/sqm and the sale of 10 Queens Rd in June for $6,897/sqm, also on a 5% yield. The property was being marketed by JLL and CBRE. Location Map: #Commercial #Marprop