Magid's sell One Collins Street to Stamoulis

Magid's sell One Collins Street to Stamoulis
Jonathan ChancellorFebruary 10, 2016

Property tycoon Harry Stamoulis has bought the One Collins Street tower complex at the top of Collins Street, Melbourne, for $125 million.

It was bought from fellow BRW rich lister Robert Magid and his sister, Nora Goodridge.

The complex comes with 17-storey modern tower overlooking Treasury Gardens and an 1870s heritage residence that served as Australia's first war cabinet room in 1914.

The Australian Financial Review says it was struck on a tight 5.25 per cent yield and at a high building rate of more than $9000 a square metre for the fully leased A-grade office complex.

The Australian says it was sold by Knight Frank.

Rabobank, Mckinsey & Co, Grant Samuel and IBISWorld are tenants at One Collins Street. 

The Magid family acquired it for $43.1 million in 1997.

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.

Editor's Picks

First look: Carpe Group and ICON Developments team up again for new downsizer apartments in Hawthorn
Rozelle Village achieves strong results as sales officially launch
Habitat to break ground on The Millwell in Maroochydore
Sekisui House Australia launches Waterstone in emerging St Leonards South precinct
Cedar Woods acquires Fairfield site for new residential development