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Hiap Hoe sells CBD building to ISPT

Hiap Hoe sells CBD building to ISPT

Nick Holuigue

A national firm has acted on the sale of 206 Bourke Street in Melbourne by a Singaporean real estate group.

Firm: Maddocks (Hiap Hoe Limited)

Deal: Hiap Hoe has sold 206 Bourke Street in Melbourne to super fund investor ISPT.

Value: $116.28 million

Area: Property

Key players: Maddocks partner and head of the development practice team Nick Holuigue acted on the deal.

Deal significance: Super fund investor ISPT has secured the mixed used property on a passing yield of circa 5.5 per cent.

Mr Holuigue said the sale of 206 Bourke Street was the latest in a string of recent significant CBD sales by Asian investors.

“We are acting for a large number of inbound investors from China, Singapore and Malaysia who are increasingly taking advantage of opportunities in the market to sell prized CBD assets with the green light to be developed rather than doing the developing themselves,” Mr Holuigue said.

“The sale by Hiap Hoe Limited of 206 Bourke Street and the sale by Singapore-based Aspial Corporation, the developer of Australia 108, of 383 King Street to Haileybury College are prime examples this year of this trend.

“Our experience in this field tells us that this approach by inbound investors will continue in 2016.”

The deal has been finalised just two years after Hiap Hoe acquired the property from developer Les Smith and finance house Qualitas.

Mark Wizel, of real estate company CBRE, said: "Hiap Hoe has taken the opportunity to capitalise on the buoyant market conditions for Melbourne CBD retail assets.

“Yields for prime assets are continuing to tighten due to a number of factors, including the cheaper cost of debt funding and the overall shortage of investment grade assets being offered for sale in all of the major Australian capital cities.”

Like this story? Read more:

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Hiap Hoe sells CBD building to ISPT
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