Myer family sells St Kilda Road building in $77 million deal

One of Melbourne’s office buildings, on St Kilda Road, has been sold off by the Myer family for about $77 million to an Asian group.

The eight-level office building at 312 St Kilda Road was sold on a passing yield of 4.66 percent.

The buyer was Singaporean developer Tong Eng Group, Fairfax Media reported.

The group had earlier this year paid $116.3 million for another St Kilda Road tower at 5 Queens Road.

The 312 St Kilda Road building has  9,854 sqm of commercial accommodation along with a major commercial car park.

The selling agents were CBRE.

It is leased to several global and long standing commercial office tenants and is close to Melbourne CBD

The building offers the potential for further growth and significant rent reversion as it is located in one of Australia’s top performing office markets.

It has a 3.5 Star NABERS Energy Rating