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Singapore’s KLW Holdings on Friday (6 March) announced that it has entered into a purchase agreement to acquire a five-storey property in Melbourne, Australia.
This marks the group’s second acquisition in Melbourne following the purchase of 301 Flinders Lane just a year ago.
Located at 23-31 Lincoln Square South Carlton in Melbourne, the property acquired for AU$12.5 million comes with a building area of about 40,310 sq ft sitting on a land area of approximately 9,752 sq ft. The property is currently vacant.
According to KLW, the purchase will be funded through a combination of internal resources and debt.
“This property development will be a good addition to our portfolio in terms of value and capital appreciation potential. Being in a mixed use zone, we are presented with a range of potentially lucrative development options from office to residential uses. It has an excellent location close to the CBD, with three street frontages enabling ample natural light and offering stunning views of Lincoln Square Gardens and the CBD,” said KLW Holdings Managing Director, Lee Boon Teck.
In September 2014, the group acquired a seven-storey freehold property located at 301 Flinders Lane. The property is currently fully-leased Victoria University, with its lease expiring in October 2020.
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg.
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