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The Melbourne deal comes in a market which has been starved of major trades for the past year as office values fall, under pressure from higher rates and softening demand.
With its prime position on Spring Street, above a metro entrance at the upmarket east end of town, 85 Spring Street has also been a graveyard of developers’ ambitions for almost a decade.
Two St Kilda Rd office buildings are the first $50 million-plus offerings in the precinct in more than a year, as Melbourne is braced to end its sixth lockdown.
The next owner of a prime CBD site in Melbourne will be competing with a handful of other major projects to accommodate a new generation of post-pandemic office workers.
Futuro consolidates Bourke Street tower in separate deals Share Sydney-based Futuro Capital has acquired the historic Tivoli Arcade, shops and car park on Bourke Street in Melbourne from their long-time owner, the Venton International, in a $73 million deal. The acquisition gives Futuro control over the entire building at 235-251 Bourke Street, after last year striking an agreement to buy a 14-storey section of the tower from RMIT University for $133 million. The Sydney platform was backed by investment partners Baring Private Equity Asia and Singapore-listed SLB Developments. The acquisition...