Mirvac sells Port Melbourne office propertyThe purpose-built headquarters of GM Holden in Port Melbourne has been sold by Mirvac Group to Altis Property Partners for more than $85 million.The three-level office building at 191-197 Salmon Street was last valued at $77.5 million.The deal is the biggest in Melbourne so far this year.The campus-style office, which was completed in April 2005, features floor plates of more than 7000 sqm each. The property’s net passing income is nearly $9 million; the weighted average lease expiry is 5.3 years.Mirvac is reportedly selling off assets to invest in its development pipeline. In its quarterly results statement, the company reported the sale of two Canberra buildings, and 54 Marcus Clarke Street, to Centuria Metropolitan REIT.Meanwhile, Mirvac has plans to redevelop Brisbane Racing Club’s $7 million Eagle Farm Residential Precinct. The 10-year project, a central element of the Eagle Farm Master Plan, will provide retail and commercial buildings, together with more than 1000 trackside apartments.
Home Property Australia Mirvac sells Port Melbourne office property