TE Capital Partners and Roxy Pacific jointly acquire office tower in Melbourne CBD for A$145 mil

By EdgeProp Singapore | July 7, 2020 4:41 PM SGT
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SINGAPORE (EDGEPROP) - Singapore-based property players TE Capital Partners and Roxy-Pacific Holdings have agreed to acquire 350 Queen Street in Melbourne’s CBD for A$145 million ($140.3 million), with the parties holding 60% and 40% interests in the asset respectively.
The office property spans 20 storeys, and comprises a commercial tower with offices, retail offerings and community amenities. It occupies 21,914 sq m (235,880 sq ft) of office and retail net lettable area. It is currently 87% occupied and has an average lease expiry of about four years.
After the deal has gone through, TE Capital will undertake a 12-month asset enhancement programme to reconfigure the ground-floor layout, retail offerings and lift lobbies, and upgrade key building services.
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“We are positive about the robust fundamentals that Melbourne’s CBD office market offers in the medium to long term,” says TE Capital’s managing director Emilia Teo.
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