Myer family to sell VicRoads office in Burwood East
The Myer family is set to offload another Melbourne office block, taking advantage of soaring prices in the city and demand from local and offshore buyers.
Late last year, the Myer Family Investments office on St Kilda Rd was snapped up by the private family office of Singaporean Tong Eng Group’s managing director Teo Tong Lim on a yield of less than 5%.
Now, a suburban office building fully leased to VicRoads has hit the market with price expectations of more than $22 million.
Commercial Insights: Subscribe to receive the latest news and updates
Title records show the Myer Family Company Holdings is a co-owner of the asset with Yulgilbar Custodians, a private vehicle directed by members of the Myer and Baillieu families.
Other generational asset owners have also taken the opportunity to sell property in the Victorian capital recently. The Schwartz family offloaded a hotel and historic pub for close to $100 million combined last year, while the Besens sold their stake in Melbourne’s Highpoint Shopping Centre to the listed GPT Group in a $680 million deal.
The VicRoads building in the Tally Ho Corporate Business Precinct in Burwood East features 4509sqm of space across three levels and about 350 car spaces.
Agents on the deal are CBRE’s Melbourne Middle Markets team Kiran Pillai, Scott Orchard, Matthew Szakiel, Josh Rutman and Lewis Tong.
“With new commercial development and major infrastructure projects bolstering overall appeal, the Tally Ho office precinct is quickly becoming the preferred and most centralised location in Melbourne’s east,” Mr Pillai says.
In December the Hewlett Packard Melbourne headquarters in the same precinct changed hands for $88 million.
Nearby, Vicinity Centres is upgrading The Glen shopping centre where Jeff Xu’s Golden Age has bought the air rights to add 500 apartments on top of the retail space.
This article originally appeared on www.theaustralian.com.au/property.
