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Dexus sold the 18-story A-Grade office for A$293.1 million ($188 million), a 16.3% discount to its December 2022 valuation, according to company filings.
Plenary Conventions has been selected as the preferred bidder to deliver the Geelong Convention and Exhibition Centre precinct development.
The pitch said the group would look to make 6.7 per cent initial yield and 7.2 per cent yield on a full-leased basis, with hopes of hitting 11 per cent in the fifth year.
Just 0.5 per cent of bank loans secured against commercial real estate were non-performing as of December 2022 compared with 4-6 per cent after the GFC.
Quintessential’s bid for 1 Margaret Street reflected a steep 20 per cent-plus discount to the building’s book value of about $380 million, sources said