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Singapore-listed Frasers Commercial Trust (FCOT) announced Monday (27 April) that it has entered into a conditional sale and purchase agreement with Australia’s Australand Property Holdings to acquire an office building in the heart of Melbourne’s central business district.
The trust has entered into a conditional agreement to acquire the 357 Collins Street (pictured) for a purchase consideration of AU$222.5 million.
A 25-storey freehold Grade A office building, 357 Collins Street offers a total net lettable area (NLA) of 31,920 sq m, comprising office space of 30,095 sq m and retail space of 1,825 sq m.
The acquisition marks the trust’s maiden entry into the Melbourne CBD office market—the second largest office market in Australia.
Low Chee Wah, Frasers Centrepoint Asset Management CEO, said: “With Collins Street being regarded as a prime office location in the Melbourne CBD, good connectivity and Grade A specifications of the property, 357 Collins Street is set to be a
strategic addition to FCOT’s portfolio.”
Meanwhile, FCOT also entered into a conditional agreement to develop a 16-storey hotel in China Square Central which will be operated by Fraser Hospitality under the “Capri by Fraser” brand.
Image source: Frasers Commercial Trust
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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