COLLINS STREET ART DECO
Posted on 16 February 2013
Carlton Football Club board member and Crawfords Group Managing Director Mark LoGiudice has quietly offloaded a boutique Melbourne CBD office building to private investors for just over $20 million.
The fully refurbished art deco office at 409-411 Collins Street rises nine levels and includes about 3,100 sqm of lettable area and has 10 basement car parks.
Developed in 1930, the building was previously known as the Roy Morgan Centre and the Commercial Union Chambers.
On a block of 624 sqm, the asset sold on a yield of just under 7 per cent. The off market deal was negotiated by Vinci Carbone director Frank Vinci.
'The buyer was extremely pleased with their purchase, having secured one of only a few buildings left in Collins Street of this relatively small size' Mr Vinci said.
'Assets of this quality are always extremely well sought after and will always command a premium both in rental and capital value'.