Collins Street T&G Building for sale
A US investor is undertaking due diligence on the T&G Building at 161 Collins Street, Melbourne.
The US property giant Pembroke Real Estate is reportedly eyeing the 12-storey office tower at the Paris end of Collins Street.
The property is expected to fetch about $250 million.
It is being sold by Germany-based SachsenFonds, which acquired the building's leasehold in 2006.
The Liberman family's JGL Investments owns the freehold of the property previously known as KPMG House, but in 2013 KPMG agreed to shift 30,000 square metre into Lang Walker’s Collins Square development in Docklands..
The 99-year leasehold expires in 2105 for the landmark site built in the 1930s, with SachsenFonds paying $258 million for the control of the leasehold in 2006.
Indonesia’s Halim Group is marketing a $40 million heritage office building at 425 Collins Street.
The 5,350 square metre building, formally known as AMP House, is located at the corner of Market Street
The building is being offered for sale through CBRE with an annual passing income of circa $2 million, derived from a range of tenants, including law firm Wisewould Mahony.
On a fully leased basis the property is forecast to generate annual income of $2.3 million.