Myer family sells VicRoads office
The Myer family has continued to sell down its office portfolio as Melbourne prices soar, reaping $25.5 million for a suburban block.
An offshore Chinese investor and new entrant to Melbourne’s commercial property market beat local and other offshore groups to buy the home of VicRoads in suburban Burwood East.
The deal follows the Myer Family Investments office on St Kilda Road selling late last year to the private family office of Singaporean Tong Eng Group’s managing director Teo Tong Lim on a yield below 5%.
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Other wealthy residents have been taking the opportunity to sell assets in Melbourne.
The Schwartz family offloaded a hotel and historic pub for a total of almost $100 million last year, while the Besens sold their stake in Melbourne’s Highpoint Shopping Centre to the listed GPT in a $680 million deal.
The latest block to trade at 12 Lakeside Drive is fully leased to VicRoads, which recently signed on for a new three-year term until mid-2021.
In the Tally Ho Corporate Business Precinct, the building features 4509sq m of space across three levels and about 350 car spaces.
Title records show the Myer Family Company Holdings is a co-owner of the building with Yulgilbar Custodians, a private vehicle directed by members of the Myer and Baillieu families.
Agents were the CBRE Melbourne Middle Markets team of Kiran Pillai, Scott Orchard, Josh Rutman and Lewis Tong.
This article originally appeared on www.theaustralian.com.au/property.
