Korean investors bag ATO buildings 

Long leases were the primary attraction of the two Australian Taxation Office buildings snapped up by Korean property investment firm for a combined $229.8 million.

FG Asset Management has purchased the ATO office in Albury for $64.8 million, after acquiring the ATO’s Box Hill office in Melbourne for $156 million in September.

Both deals were brokered by CBRE, with Colliers International also involved with the Albury deal.

The Albury office was sold off-market at a seven per cent yield by RF Capital, an investment fund owned by former co-owner and chief executive of Multiplex, Andrew Roberts. RF Capital bought the building in 2012 for $48 million.

Built by Canberra-based Doma Group in 2012, the eight-level office building includes 10,807 sqm of lettable office space and has 5 Star Green Star ratings for design and construction. It is fully leased to the ATO until 2027.

The 20-storey Box Hill office, developed by Grocon, comprises 19,000 sqm of lettable office space and has a 5 Star Green Star rating for design, with a construction rating in the pipeline.

CBRE’s Luke Etherington said the long leases on the properties were the primary attraction for FG, with both transactions completed on behalf of a group of Korean superannuation funds.