Property investor and businessman Jason Yeap has sold a tower in Melbourne's Collins Street for more than $50 million.
The sale of 20 Collins Street property was negotiated by John Marasco and Matthew Stagg from Colliers International a week prior to the closing of an Expressions of Interest campaign.
An undisclosed purchaser snapped up the 17-storey tower, which offered 8,544sqm of space including ground floor retail and car parking on a 836sqm site. The sale represented a capital value of around $6,000 per square metre and an initial yield of circa 6.7 per cent.
Mr Marasco said the property received strong international and local interest from a wide range of buyer groups, including high net worth private investors, family offices and fund managers.
[urbanRelatedPost][/urbanRelatedPost]“520 Collins Street provided the opportunity to secure a prized commercial investment on the most tightly held street in the Melbourne CBD,” Mr Marasco said.
“The majority of Collins Street office investments comprise high-rise towers owned by major institutional investors. 520 Collins Street offered a truly rare opportunity for a discerning buyer to secure a prized freehold Collins Street office for their portfolio.”
The property was acquired by Mr Yeap in two stages in 2003 and 2004 for $15 million in total.
520 Collins Street is located opposite the Rialto and next to 530 Collins Street in the heart of Melbourne’s legal and financial precincts.
