EG's Core Plus Fund 1 buys first Melbourne office block

EG's Core Plus Fund 1 buys first Melbourne office block
EG's Core Plus Fund 1 buys first Melbourne office block

EG Funds Management (EG) has acquired a commercial office building in Melbourne CBD for $45.9 million for its Core Plus Fund No. 1.

The property at 277 William Street is within the core legal precinct, adjacent to Flagstaff station.

It was sold through CBRE by Melbourne property player Harry Stamoulis who paid $7.8 million in 1999. 

The 12 level building with 32 basement car parks has a total 12,071 sqm of net lettable area.

At acquisition, the asset is 90 per cent occupied with a 3.5 year WALE, said divisional director of EG Daniel Farley.

Anchored by strong tenants, Shine Lawyers, Medibank and Tenix Solutions, The William Street property is the first Melbourne CBD office asset within the fund.

Th property is the seventh acquisition for the Core Plus Fund No. 1.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

Tags: 
Melbourne CBD Commercial Sale

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