Lang Walker seeks Collins Square buyers at $2.5b

Lang Walker seeks Collins Square buyers at $2.5b
Lang Walker seeks Collins Square buyers at $2.5b

The billionaire property developer Lang Walker is seeking to sell his $2.5 billion Collins Square project in Melbourne, likely to be the largest single property sale in Australia.

But Lang Walker, who sold his empire just ahead of the last peak of the market, says he is not selling at the top again

"I don't think it is at the top," he told the Australian Financial Review.

"Look at the yields and the 10-year bond rates. There is still a big gap and interest rates are going to stay lower for longer and there is a lot of overseas capital looking for projects in the gateway cities." 

He told The Australian he was getting two or three offers every week from potential buyers over the past six months.

Investment bank UBS has the sales mandate for Collins Square, five towers at the western end of Melbourne. 

Two of the five towers are complete and fully tenanted, with two more scheduled to be completed mid-2016 and the fifth in 2017, with more than 250,000 square metres of lettable area.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

Tags: 
Melbourne Property Development

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