Singapore-Based Firm Moves To Acquire St Kilda Tower

Singapore-based real estate investment management firm Rockworth Capital Partners has begun due diligence on a St Kilda office tower deal worth more than $90 million, according to The Australian Financial Review.

Fort Street acquired the tower for $56 million in early 2014 for its unlisted Australian Property Opportunities Fund.

390 St Kilda Road is a 23 story office building and includes 183 sqm of office space, consisting of panoramic views over Albert Park, the Bay and The Shrine. Major building works being undertaken throughout 2015 including lift upgrades, painting the facade of the building and tenancy refurbishments.

The news comes days after Rockworth Capital Partners outbid domestic purchasers to acquire the completed Town Square Redbank Plains subregional shopping centre at 357-381 Redbank Plains Road in Redbank Plains for $160 million at a yield of 6.25 per cent. The vendor, Alceon Captrans JV, a joint venture between financier Alceon and Brisbane developer Capital Transactions, purchased the centre for $27 million in 2013 from Queensland coal entrepreneur Paul Darrouzet.

Rockworth Capital partners also acquired Volley Investments Retail Phoenix Shopping Centre, Spearwood, Perth, for $75.8 million.

Specialising in retail and office assets, Rockworth manages capital for institutions and private investors through direct investments in real estate and real estate related assets.

Rockworth currently has assets under management in excess of $700 million comprising primarily of stable income producing retail properties located across Australia with around 20 staff in total.

13 trees have been removed along St Kilda Rd as preparations continue for the Metro Tunnel Project.

Seven trees were removed on Wednesday with another six trees due to be removed today, as part of construction of a new Domain Station and tram connection.

According to a Facebook group slamming the removal, eight police officers were on location 'guarding' the Metro tunnel work site due.