According to Colliers International, investment activity in Melbourne's St Kilda Road office market indicates sales volumes will reach levels not seen since 2007 by year’s end.
570 St Kilda Road sold to local syndicator Podco for $23.8million. The sale, negotiated by Colliers International on behalf of a private Indonesian investor, brings St Kilda Road office investment activity to $137.4 million to date.
570 St Kilda Road comprises a 10-level office building with 7684 sqm net lettable area and two levels of basement parking. Its major tenants are Fujitsu Australia and K-Line.
Colliers has $120 million in property assets in due diligence on St Kilda Road, bringing the potential total value of transactions for 2012 to more than $257 million.
According to Colliers, current market activity indicates sale volumes are likely to reach levels unseen since 2007, driven by an attractive yield spread over Melbourne's CBD.
