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TH Real Estate sells 699 Bourke Street, Melbourne
TH Real Estate has sold its 50% stake in 699 Bourke Street, Melbourne.
TH Real Estate purchased the asset as a forward funding development from Mirvac in 2014 for a gross acquisition price of A$74.5 million. The development of the building was completed in May 2015 and was constructed on a suspended deck built over part of the Southern Cross Railway Station.
The six-star energy rated building fronts the Bourke Street pedestrian overpass and comprises 10 levels, including a roof top terrace and indoor conference area.
The building, managed by Mirvac, boasts an occupancy rate of 100% with anchor tenant AGL. The asset achieved its target returns, recording a sale value of A$102m.
Nick Evans, Executive Director and Head of Australia, TH Real Estate said: "Our portfolio focuses on quality, sustainable assets. It’s a testament to our acquisition strategy and development partnership that we have met our target returns so early in the life cycle of this asset."
TH Real Estate's other prime holdings in Australia include a half stake in 101 Miller Street and the Greenwood Plaza in North Sydney, as well as investments in Myer Bourke Street in Melbourne, and an interest in Mount Ommaney Shopping Centre in Brisbane.