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Property group builds portfolio with Melbourne commercial complex

Property group builds portfolio with Melbourne commercial complex

Stockland Property Group has acquired a corporate estate in Melbourne boasting three buildings and 21,126 square metres of office space.

Firms: Lander & Rogers (Stockland Property Group); King & Wood Mallesons (Australand)

Deal: The Satellite Corporate Centre has been sold by Australand to the Stockland Property Group (Stockland).

Value: $87.6 million

Area: Real estate

Key players: The Lander & Rogers team advising Stockland was led by partner John Wells (pictured). Partner Lisa Zonta and senior associate Nuala Same assisted with the deal.

The King & Wood Mallesons team advising Australand was led by Simone Menz and Emily Masters.

Deal significance:

Stockland has purchased the Satellite Corporate Centre in south-east Melbourne. Australand sold the 2.2 hectare complex for $87.6 million.

The Melbourne business park boasts 21,126 square metres of office space and a multi-deck parking facility. Kmart currently occupies 74 per cent of the total lettable area.

The Satellite Corporate Centre is fully occupied, with an average lease expiry of 8.5 years.

Former fund manager Australand developed the site in Mulgrave before a takeover by Singapore-based property company Frasers Centrepoint Ltd. Since 2015, Australand has operated under the name Frasers Property Australia.

In a statement released by Stockland, group executive and commercial property CEO John Schroder said the acquisition, which finalised in April, would continue to grow Stockland’s logistics and business parks portfolio.

“The acquisition also deepens our commitment and involvement with all three tenants, with whom we have many other existing retail and logistics leases in place across our commercial property portfolio,” Mr Schroder said.

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