Frasers Property Australia sells office building to BlackRock for A$45.5m
FRASERS Property Australia has sold a fully occupied office building in Church Street, Richmond for A$45.5 million (S$46.8 million) to BlackRock Asset Management.
The 8,000-square-metre property, known as Building 10 at 658 Church Street in Richmond, is fully leased with a weighted average lease expiry of 3.1 years.
Hamish MacDonald, director at BlackRock, said: "BlackRock Asset Management is pleased to secure this property at a price that reflects an initial yield of approximately 7.15 per cent and is well positioned to benefit from the improving leasing market over the next few years."
Robert Wallace, executive general manager - investment property, Frasers Property Australia, said the high-quality office building attracted strong interest from an array of prospective purchasers throughout the expression-of-interest campaign.
Chamoun Malki, general manager - commercial, Frasers Property Australia, said the strong result reflects the property's car parking ratio, convenient suburban location and enduring tenant appeal.
Jones Lang LaSalle and Colliers International coordinated the sales campaign.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Stellantis misses forecasts with 12% revenue drop in Q1, sees stronger H2
L'Occitane's billionaire owner Geiger to take firm private in US$1.8 billion deal
Australian budget airline Bonza collapses, passengers stranded
HSBC CEO to retire; bank reports 1.7% lower Q1 profit of US$10.8 billion
AIA launches wealth centre targeting high-net-worth clients
Samba, Gazelle shoes help drive Adidas sales while North America lags