One of the world’s largest privately owned property groups, Hines, has emerged as the preferred bidder on GPT Group’s $155 million Docklands asset.
GPT Group, backed by its wholesale office fund, has bought the CBW complex for $608.1 million, in one of the largest transactions in the Melbourne market for years.
Foreign investors, keen to park their money in a safe haven, accounted for 42 per cent of the $1.5 billion spent on Melbourne office buildings in the past financial year.
Premium investment yields in Melbourne have tightened below 6 per cent for the first time since the financial crisis as super fund developer Cbus Property moves to secure a $1 billion-plus divestment of two office properties.
IN A sign of the tight Melbourne office rental market, Allens Arthur Robinson has joined the list of Melbourne businesses teeing up new headquarters in a building still under construction.
PROFESSIONAL services firm Deloitte will shift its state headquarters to a 19-level tower at 550 Bourke Street that Cbus Property is building. It is due for completion in October.
CBUS Property has dumped plans for a hotel at its $480 million tower on the corner of Bourke and William streets, amid increased competition in the CBD hotel market.
Cbus Property has scrapped a planned hotel at its major commercial development at the western end of Melbourne's central business district and will replace it with office space.