ISPT looking to sell majority of Spencer Street site formerly occupied by The Age newspaper

Unlisted property fund manager ISPT is seeking to sell a portion of its 250 Spencer Street site that was previously occupied by The Age newspaper and which has approval for an $800 million six-tower apartment development.

The 11,750 square metres portion of the 15,200 square metres site (nearly a whole city block) is being sold off-market with expectations of between $70 million and $80 million, according to market sources, reports The Australian Financial Review.

The smaller eastern portion of the site was sold to Melbourne apartment developer Central Equity for $17 million in 2010.

In January, Victorian planning minister Matthew Guy granted approval for six Bates Smart-designed towers between 39 and 63 storeys after the plans were first submitted in December 2011.

The sale of the site is being handled by Colliers International’s Tim Storey, with the campaign closing this week.

ISPT in partnership with Axiom Properties Limited bought The Age newspaper’s Melbourne headquarters for $66.1 million in 2007.

Axiom Properties cashed in its 50% stake in 250 Spencer Street, selling it to ISPT in 2010.

The Age – sometimes referred to as The Spencer Street Soviets – relocated to their new premises at the Bates Smart-designed Media House across from Southern Cross Station in December 2009.

It formally vacated the 250 Spencer Street property in February 2010.

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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