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WEST MELBOURNE | 385-405 King Street | 23L | 73m | Residential

Laurence Dragomir's picture

As per Mark's article. Images courtesy of Elenberg Fraser.









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Mark Baljak's picture


Aspial seeks quick profit on King Street

Listed Singapore group Aspial Corporation, the developer of what will be Australia’s tallest apartment tower, will sell one of its other Melbourne sites – and take an early profit.

Aspial, through its property development subsidiary World Class Land, will launch the $1 billion Australia 108 tower in February after paying $42.3 million for the Southbank site in January last year.

But it has decided to sell its first Melbourne acquisition, a 10-level office building at 383 King Street, which it had planned to demolish and turn into a mixed-use development with more than 600 units.

A year ago, Aspial paid $41.6 million for the site. Agent Mark Wizel of CBRE City Sales, who is selling 383 King Street alongside colleagues Josh Rutman and Kiran Pillai, said it could now fetch more than $50 million.

“The offering of 383 King Street is a great example of the strategic manner in which many offshore players approach their dealings in Australia – they are commercial and quick to respond to domestic conditions that present as opportunities,” Mr Wizel said.

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Mark Baljak's picture

consigned to history

Haileybury College buys Melbourne CBD office from Singapore-listed Aspial Corporation

Private school Haileybury College looks set to open a city campus after buying a building on Kings Street in a deal speculated to be worth more than $50 million.
The top-end city site at 383 King Street contains a substantial 10-level office on a corner site with 13,136 square metres of unoccupied space.
The property was Singapore-listed Aspial Corporation's first Melbourne purchase.
It acquired the property for $41.5 million in January last year and intended to turn it into a mixed-use development with 600 units.
The sale marks a swift turnover and profit-taking by the Singapore conglomerate.
A caveat lodged on the title lists Haileybury's interests but the school did not return Fairfax Media's calls.
The move by the privately run secondary school - which has campuses in Keysborough, Brighton East, Berwick and Wuqing, China - to open a city campus would be unusual.

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